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07 Sep 17. Kaman Announces Restructuring Plan. Kaman Corporation (NYSE:KAMN) today announced a restructuring plan resulting from its ongoing effort to improve capacity utilization and operating efficiency to better position the Company’s Aerosystems business for increased profitability and growth. The restructuring primarily affects the Aerospace segment’s Connecticut Composite Structures division in Bloomfield, Connecticut, and its fabricated products operations in Hyde, United Kingdom.
In the U.S., the Company expects to close its Connecticut Composite Structures division and transfer its programs to the Company’s composites facility in Wichita, Kansas and to its Air Vehicles and MRO division in Bloomfield, Connecticut. In the United Kingdom, the Company expects to transfer substantially all of its fabricated products production currently taking place at the Company’s Hyde facility to its Darwen facility. Any planned workforce reductions at the Hyde facility are subject to change to reflect the outcome of any necessary consultations and negotiations with the unions and works councils representing the affected employees.
The Company currently expects these actions will result in approximately $8.0m to $10.0m in pre-tax restructuring charges, beginning in the third quarter of 2017 through the planned completion of restructuring activities in the fourth quarter of 2018, approximately $5.0m of which is expected to be recorded in 2017. Of these charges, $5.5 m to $6.5m are expected to result from cash outlays for employee separation and other closure-related expenses and $2.5m to $3.5m of the charges are expected to relate to non-cash charges for the write down of inventory and the impairment of long-lived assets. On an annualized basis beginning in 2019, the Company anticipates these restructuring actions will result in total cost savings of approximately $4.0m. (Source: BUSINESS WIRE)
07 Sep 17. COHORT PLC, AGM Statement & First Quarter Update. Cohort, the independent technology group, is today holding its Annual General Meeting. The Chairman, Nick Prest, will make the following remarks to the meeting:
“Cohort again improved its performance in the most recent financial year, achieving record adjusted operating profit. This result was driven primarily by a strong maiden contribution from EID and improved performance at MCL. In the course of the year, we acquired a controlling stake in EID, took our ownership of MCL to 100% and restructured SCS by transferring its operating divisions to MASS and SEA.
“Important contract awards announced since the final results in June include:
•EID to supply Integrated Communications Systems to the Portuguese Navy;
•SEA to provide Torpedo Launcher Systems for the Southeast Asian market; and
•MCL to supply further Hearing Protection and Communication Ancillaries to the UK MOD.
“Including these awards, the Group’s order book stood at £149m as at 31 July 2017, underpinning a slightly higher proportion of our externally forecast revenue for the year compared to this time last year. Our pipeline of orders and expected renewals give us confidence that the overall performance for the year will be in line with the Board’s expectations.
“The Group’s net funds as at 31 August 2017 stood at £8.8m, slightly higher than that announced at the time of the final results in June. This is after the impact of the payment made in August of the final instalment of £2.5m to MCL’s former shareholders under the terms of the acquisition agreement.
“Our emphasis continues to be on driving further growth, supported by a continuing strong funding position. An improved closing order book position, taken together with orders received in the new financi