CDI Corp. to take Q3 charge of $3.1M-$3.4M on restructuring plan
On September 30 adopted a restructuring plan to further align its organizational structure, facilities and resource utilization with our current business volumes and strategic direction. A significant part of the Plan involves re-aligning the capacity and organization of our Energy Chemicals & Infrastructure business. In connection with the Plan, the Company will record a restructuring charge of approximately $3.1M to $3.4M in the third quarter of 2016, of which approximately $1.9M is related to facility consolidations and approximately $1M relates to employee severance. Most of the actions contemplated by the Plan already have been taken. However, most of the cash expenditures under the Plan have yet to be made. Approximately $2.6M to $2.7M of the restructuring charge will result in future cash expenditures. The company expects the actions under the Plan to be substantially completed by the end of 2016.