NEWARK, Calif. & MORGES, Switzerland, Jun 07, 2012 (BUSINESSWIRE) -- Logitech International (SIX:LOGN) (Nasdaq:LOGI) todayannounced that it expects to record pre-tax charges in the currentfiscal year of approximately $35 million associated with thecompany's previously announced restructuring. The company isundertaking this restructuring to simplify the organization, tobetter align costs with its current business and to free upresources to pursue its growth opportunities. The restructuring isexpected to yield approximately a net $80 million reduction inannual operating costs. The reduction will begin to benefit thecompany in the second half of Fiscal Year 2013 with the fullsavings expected to be achieved in Fiscal Year 2014. |
Approximately $32 million of the restructuring charges are expectedto be recorded in the first quarter of Fiscal Year 2013, endingJune 30, 2012. The largest component of the restructuring chargewill be cash charges related to a workforce reduction. The companyis eliminating approximately 450 positions, or 13 percent of itsworldwide non-direct-labor workforce. Logitech expects that reducedpersonnel-related costs will represent an estimated 60 percent ofthe approximately $80 million savings in annual operating costs. "As we announced in April, this organizational streamlining, alongwith our strategy to deliver fewer but more compelling products,should position Logitech for renewed growth and profitability,"said Bracken Darrell, Logitech president.
"While we are saddened bythe departure of many colleagues, the restructuring is necessaryfor our future success." Additional information on therestructuring charges is provided in the Current Report on Form 8-Kbeing filed with the U.S. Securities and Exchange Commission onJune 8, 2012 and made available on Logitech's website at . About Logitech Logitech is a world leader in products that connectpeople to the digital experiences they care about. Spanningmultiple computing, communication and entertainment platforms,Logitech's combined hardware and software enable or enhance digitalnavigation, music and video entertainment, gaming, socialnetworking, audio and video communication over the Internet, videosecurity and home-entertainment control. Founded in 1981, LogitechInternational is a Swiss public company listed on the SIX SwissExchange (LOGN) and on the Nasdaq Global Select Market (LOGI).
This press release contains forward-looking statements within themeaning of the federal securities laws, including, withoutlimitation, statements regarding: organizational structure; theamount and timing of charges in connection with the restructuring;the goals of the restructuring; the reduction in annual operatingcosts and the timing of achieving such savings; the breakdown ofsuch savings by type of costs; the number of positions to beeliminated; and Logitech's ability to achieve renewed growth andprofitability and future success. The forward-looking statements inthis release involve risks and uncertainties that could causeLogitech's actual results and events to differ materially fromthose anticipated in these forward-looking statements, including,without limitation: if our product offerings, marketing activitiesand investment prioritization decisions do not result in the sales,profitability or profitability growth we expect, or when we expectit; if the restructuring fails to produce the intended performanceand cost savings results or is not implemented in the contemplatedtimeframe. A detailed discussion of these and other risks anduncertainties that could cause actual results and events to differmaterially from such forward-looking statements is included inLogitech's periodic filings with the Securities and ExchangeCommission, including our Annual Report on Form 10-K for the fiscalyear ended March 31, 2012, available at ., under the caption Risk Factors and elsewhere. Logitech does notundertake any obligation to update any forward-looking statementsto reflect new information or events or circumstances occurringafter the date of this press release. Logitech, the Logitech logo, and other Logitech marks areregistered in Switzerland and other countries.
All other trademarksare the property of their respective owners. For more informationabout Logitech and its products, visit the company's Web site at . (LOGIIR) SOURCE: Logitech International CONTACT: LogitechInternational Joe Greenhalgh, Vice President, Investor Relations --USA 510-713-4430 Nancy Morrison, Vice President, CorporateCommunications -- USA 510-713-4948 Copyright Business Wire 2012 -0-KEYWORD: United States Switzerland Europe North America California INDUSTRY KEYWORD: Technology Consumer Electronics Hardware Software Audio/Video SUBJECT CODE: Product/Service.
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