Tornier Announces 2012 Facility Consolidations; Reduce Annual Operating Expenses By $2.3-$2.8M Beginning in 2013
Tornier N.V. (NASDAQ: TRNX) announced today that it plans to consolidate its facilities to drive operational productivity and to reduce annual operating expenses by $2.3 to $2.8 million beginning in 2013. The Company estimates it will incur restructuring charges of $6.0 to $7.0 million, substantially all of which will be recorded in 2012.
Tornier's facility consolidations will include relocation of its distribution operations in Stafford, Texas to Minnesota. The Company plans to consolidate these operations with its U.S.-based marketing, training, regulatory, clinical, supply chain, and corporate functions into a single leased site in the Minneapolis area. European facilities to be consolidated into nearby Tornier sites include those in St. Ismier, France and Dunmanway, Ireland.
Douglas W. Kohrs, President and Chief Executive Officer of Tornier, commented, “Our strategy of innovation has resulted in a rapid pace of new product releases. The facility consolidations will bring key components of our product delivery chain together, facilitating communications and enabling greater productivity as anticipated by our current operational plans.”
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