Tornier Announces 2012 Facility Consolidations (press release)
Tornier N.V. (NASDAQ: TRNX), a global medical device company focused on providing surgical solutions to orthopaedic extremity specialists, announced today that it plans to consolidate its facilities to drive operational productivity and to reduce annual operating expenses by $2.3 to $2.8 million beginning in 2013. The Company estimates it will incur restructuring charges of $6.0 to $7.0 million, substantially all of which will be recorded in 2012.
“Our strategy of innovation has resulted in a rapid pace of new product releases. The facility consolidations will bring key components of our product delivery chain together, facilitating communications and enabling greater productivity as anticipated by our current operational plans.”
Tornier’s facility consolidations will include relocation of its distribution operations in Stafford, Texas to Minnesota. The Company plans to consolidate these operations with its U.S.-based marketing, training, regulatory, clinical, supply chain, and corporate functions into a single leased site in the Minneapolis area. European facilities to be consolidated into nearby Tornier sites include those in St. Ismier, France and Dunmanway, Ireland.
Douglas W. Kohrs, President and Chief Executive Officer of Tornier, commented, “Our strategy of innovation has resulted in a rapid pace of new product releases. The facility consolidations will bring key components of our product delivery chain together, facilitating communications and enabling greater productivity as anticipated by our current operational plans.”
Tornier will discuss the facility consolidations in more detail on its first quarter 2012 earnings conference call to be held after the market close on Tuesday, May 8, 2012. Conference call specifics have been announced in a separate press release.
About Tornier
Tornier is a global medical device company focused on serving extremities specialists who treat orthopaedic conditions of the shoulder, elbow, wrist, hand, ankle and foot. The Company’s broad offering of over 90 product lines includes joint replacement, trauma, sports medicine, and biologic products to treat the extremities, as well as joint replacement products for the hip and knee in certain international markets. Since its founding approximately 70 years ago, Tornier’s “Specialists Serving Specialists” philosophy has fostered a tradition of innovation, intense focus on surgeon education, and commitment to advancement of orthopaedic technology stemming from its close collaboration with orthopaedic surgeons and thought leaders throughout the world. For more information regarding Tornier, visit www.tornier.com.