* Says to cut 6 percent of workforce
* Sees cost restructuring to add to 2012 adj EPS by
* Sees related pre-tax charge of $25-$30 mln
Sept 15 Orthopaedic device maker Wright Medical
Group Inc said it will cut about 6 percent of its
workforce to reduce costs.
The company, which will lay off about 80 employees, said it
expects the cost restructuring to add to its 2012 adjusted
earnings per share by about 5-6 cents, and 8 cents annually
Pre-tax charges related to this restructuring are expected
to be about $25-$30 million, of which, about $6-$8 million will
be non-cash, the company said in a statement.
Wright said it expects to record most of the charges in the
third and fourth quarters of 2011, and some additional ones in
the first half of 2012.
The company said it expects to complete the initial phase of
this plan in the next nine months and sees implementing
additional efficiency initiatives throughout 2012 and beyond.
Shares of Wright Medical closed at $14.64 on Wednesday on
(Reporting by Zeba Siddiqui in Bangalore; Editing by Supriya