Compass Minerals cuts 48.5 FTEs (16% corporate workforce); $3.3M charge; $17-18M annual savings

COMPASS MINERALS INTERNATIONAL INC

Eliminated 48.5 full-time positions (~16% of corporate workforce); affected employees offered severance and outplacement.
Expects $3.3M restructuring charge in fiscal 2023, with $2.8M in the quarter ended March 31, 2023.
Anticipates $17-18M annual benefit to operating expenses and adjusted EBITDA starting fiscal 2024.
Plans to evaluate additional cost-reduction opportunities at production and packaging sites in coming months.

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