Sensata Technologies Holding plc (ST): restructuring charge — Sensata exits Spear marine energy storage; expects $40-50M pre-tax charges in Q2

Sensata Technologies Holding plc

Exit eliminates ~60 positions, primarily in Kansas City, and closes Spear's Belgium operations.
Pre-tax charges of $40-50M in Q2 2023, including $14M intangible and $13M tangible asset impairments.
Annualized cost savings of $10-12M expected from the exit.
Company will focus resources on Spear's aerospace & defense energy storage business.

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

Sensata Technologies Holding plc announced a restructuring with charges of approximately $40 to $50 million affecting Spear Power System’s marine energy storage business (approximately 60 positions).

Type: restructuring
Charge: approximately $40 to $50 million
Affected area: Spear Power System’s marine energy storage business
Headcount: approximately 60 positions

Exact text from the filing

Exiting the Business will result in the elimination of approximately 60 positions, primarily in Kansas City, Missouri, and the closure of Spear’s operations in Belgium. In connection with the plan to exit the Business, the Company is expected to incur total pre-tax charges in the range of approximately $40 to $50 million in the second quarter

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Source: SEC EDGAR

accession 0001477294-23-000097

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