STEELCASE INC: restructuring charge — Steelcase plans to cut 305+ roles globally; expects $14M-$18M restructuring charges

STEELCASE INC

Approves workforce reductions in France (40-50 salaried) with $10M-$13M pre-tax charges.
Additional reductions: ~260 roles in Asia Pacific, EMEA, Americas; $4M-$5M charges.
Total annualized savings from both actions: ~$10M-$12M when fully implemented.
Most departures expected by end of Q1 FY2024; France actions pending labor authority approval.
Investor day scheduled for May 4, 2023; presentations by CEO Sara Armbruster.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

STEELCASE INC announced a restructuring with charges of approximately $10 million to $13 million affecting France (approximately 40 to 50 salaried roles).

Type: restructuring
Charge: approximately $10 million to $13 million
Affected area: France
Headcount: approximately 40 to 50 salaried roles

Exact text from the filing

On May 3, 2023, in response to persisting inflationary pressures and decreasing plant utilization in Europe, the Middle East and Africa (“EMEA”), the Board of Directors of Steelcase Inc. (the “Company”) approved plans for workforce reductions in France. These plans involve the reduction of approximately 40 to 50 salaried roles. The Company expects to incur approximately $10 million to $13 million in pre-tax restructuring charges in connection with these actions, consisting of cash severance payments and payment of other separation-related benefits.

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Source: SEC EDGAR

accession 0001050825-23-000090

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