Utz Brands, Inc. (UTZ): restructuring charge — Utz Brands to close Birmingham plant; expects $3-5M cash charges, $8.5-11M impairment

Utz Brands, Inc.

Permanently ceasing manufacturing at Birmingham, AL facility effective July 3, 2023.
Approximately 275 employees affected; ~100 will remain in distribution center.
Pre-tax cash charges of $3.0M-$5.0M in FY2023, including $1.5M severance.
Non-cash asset impairment charges of $8.5M-$11.0M expected.
Golden Flake and other products will be produced at other Utz facilities; no distribution issues.

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

Utz Brands, Inc. announced a impairment with charges of approximately $8.5 million to $11.0 million affecting manufacturing facility located in Birmingham, Alabama.

Type: impairment
Charge: approximately $8.5 million to $11.0 million
Affected area: manufacturing facility located in Birmingham, Alabama

Exact text from the filing

The Company also expects to incur non-cash charges of approximately $8.5 million to $11.0 million in asset impairments.

View on SEC.gov

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

Utz Brands, Inc. announced a restructuring with charges of approximately $3.0 million to $5.0 million affecting manufacturing facility located in Birmingham, Alabama.

Type: restructuring
Charge: approximately $3.0 million to $5.0 million
Affected area: manufacturing facility located in Birmingham, Alabama

Exact text from the filing

The Company currently expects to incur pre-tax cash charges of approximately $3.0 million to $5.0 million in connection with the Manufacturing Closure in fiscal year 2023, which is expected to include $1.5 million in severance costs and $1.5 million to $3.5 million in closing and transfer of production costs.

View on SEC.gov

3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Utz Brands, Inc. filing history →

Source: SEC EDGAR

accession 0001739566-23-000059

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