Symmetricom Announces Strategic Restructuring Plan
Symmetricom (NASDAQ: SYMM) today announced a strategic restructuring plan and updated its financial outlook for its fiscal fourth quarter ending June 30, 2013.
The restructuring plan includes the realignment and consolidation of several organizations, elimination of certain activities, and a workforce reduction of approximately 12% of total headcount. These actions are commencing immediately and are expected to be complete by December, 2013. Symmetricom expects to incur total charges in the range of $7.5 to $8.0 million in connection with the plan, of which approximately $6.8 million will be in cash. Upon completion, the company expects these actions to generate annual cost savings of approximately $13 million.