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 ...
