Furmanite Corporation Implements European Cost Reduction Initiative; Restructuring Costs of $2.5M to Save $2.5-3.0M Annually
Furmanite Corporation (NYSE: FRM) today announced the expected timing, implementation expense and savings related to further restructuring of its European operations.
The Company is taking significant action to reduce administrative expense and streamline its European operations' structure for improved efficiencies in the wake of the challenging economic conditions in the region. This action is expected to be fully defined within 30 days and substantially completed, with related expenses fully absorbed, in the second and third quarters of this year. The estimated restructuring costs of $2.5 million are expected to result in annualized savings of $2.5 million to $3.0 million. The restructuring action will not materially impact the Company's 400 field service technicians within its EMEA region (which includes operations in Europe, the Middle East and Africa) or the Company's continuing capability to serve its many customers across Europe.
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