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On August 5, 2024, the Company announced that it has realigned its sales function and has initiated global restructuring and cost reduction actions to optimize operations, reduce non-revenue generating expenses, and drive efficiencies for long-term growth and profitability.
The majority of the actions related to the Restructuring are expected to be completed by the end of 2024, with remaining actions to be completed by the end of 2025.
The Restructuring is expected to result in ongoing annualized cost savings of between $75 to $80 million, the majority of which are expected to be the result of reductions in operating expenses. The Savings will primarily be initially realized throughout 2024 and 2025. The Company expects to invest a portion of the Savings back into revenue generating growth areas of the Company starting in 2025.
Posted In: TDC
