Proterra Inc: restructuring charge — Proterra to cut ~25% of workforce (300 roles), close City of Industry plant by end of 2023

Proterra Inc

Workforce reduction of approx. 25% affecting ~300 employees; separation benefits offered.
Closing City of Industry facility; transit bus production ends Q1 2023, battery by Q3 2023; vacate by end of 2023.
Estimated restructuring costs: $6M-$10M severance cash; $4M-$5M facility closure charges.
Manufacturing to consolidate into South Carolina facilities (Greenville, Greer) to improve efficiency.
CEO Gareth Joyce cites need for financial discipline toward sustainable growth.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

Proterra Inc announced a restructuring with charges of restructuring charges, of between $6 million and $10 million attributable to net cash payments primarily for severance benefits to employees, and $4 million to affecting City of Industry facility (approximately 300 employees).

Type: restructuring
Charge: restructuring charges, of between $6 million and $10 million attributable to net cash payments primarily for severance benefits to employees, and $4 million to
Affected area: City of Industry facility
Headcount: approximately 300 employees

Exact text from the filing

Closure and Workforce Restructuring will not be known until all related activities have been completed. The Company currently expects to incur restructuring charges, of between $6 million and $10 million attributable to net cash payments primarily for severance benefits to employees, and $4 million to $5 million in facility closure costs primarily consisting of

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Source: SEC EDGAR

accession 0001628280-23-001334

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