Wright Medical Group Announces Cost Restructuring Plan; Will Reduce 6% of Workforce
Wright Medical Group, Inc. (NASDAQ: WMGI) announced today that it is implementing a cost restructuring plan to foster growth, enhance profitability and cash flow, and build shareholder value. Wright Medical expects that the initial phase of this plan will be completed during the next nine months, with additional efficiency initiatives to be implemented throughout 2012 and beyond.
Under the plan, Wright Medical has begun to implement numerous initiatives to reduce spending, including streamlining select aspects of its international selling and distribution operations, reducing the size of its international product portfolio, adjusting plant operations to align with the Company's volume and mix expectations and rationalizing its research and development projects.
In total, Wright Medical plans to reduce its workforce by approximately 80 employees, or 6%. The Company has notified affected employees and has taken steps to ensure a smooth transition.
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