September 15, 2011 / 1:25 PM / in 6 years

UPDATE 1-Wright Medical to cut 80 jobs

* Says to cut 6 percent of workforce

* Sees cost restructuring to add to 2012 adj EPS by $0.05-$0.06

* Sees related pre-tax charge of $25-$30 mln

Sept 15 (Reuters) - 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 thereafter.

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 Nasdaq. (Reporting by Zeba Siddiqui in Bangalore; Editing by Supriya Kurane)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below