Sanmina adopts consolidated restructuring plan
On January 12, the Company adopted a consolidated restructuring plan impacting three of its manufacturing facilities. As a result of this plan, the Company expects to incur restructuring charges of approximately $25M-$35M over the period of the consolidated restructuring plan, all of which is expected to be cash. In connection with this plan, the Company expects to record charges in its first quarter of fiscal 2018 of approximately $15M-$25M, consisting of severance and retention pay for affected employees to be paid over the period of the consolidated restructuring plan. The Company expects to complete the actions taken under this plan through the first quarter of fiscal 2020. The Company will continue to evaluate the consolidated restructuring plan, and any further actions that may be required under it, which could cause the Company to incur additional restructuring charges related to this plan in the future.