ALLIED HEALTHCARE PRODUCTS INC: restructuring charge — Allied Healthcare cuts workforce; faces $17.5M pension withdrawal liability

ALLIED HEALTHCARE PRODUCTS INC

Reduction in force approved Dec 19, 2022, impacting St. Louis manufacturing and admin staff.
Union employee terminations expected to trigger multiemployer pension plan withdrawal liability estimated at $17.5 million.
Affected employees receive 60-day WARN notice; no material severance obligations expected.
Company also expects material asset impairment and professional fees; full estimate to be filed within 4 business days.
Reduction in force due to ongoing operating losses.

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

ALLIED HEALTHCARE PRODUCTS INC announced a restructuring with charges of $17.5 million affecting St. Louis, Missouri manufacturing facilities and certain employees of its administrative offices.

Type: restructuring
Charge: $17.5 million
Affected area: St. Louis, Missouri manufacturing facilities and certain employees of its administrative offices

Exact text from the filing

The reduction in force will result in the termination of substantially all of the Company’s union employees, which is expected to trigger withdrawal liabilities owed to certain multiemployer pension plans which were recently estimated by such pension plans to be $17.5 million.

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Source: SEC EDGAR

accession 0001104659-22-129471

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