Alphatec Spine Announces Intent to Restructure Scient'x Business Operations (press release)
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device company that provides physician—inspired solutions for patients with spinal disorders, announced that its French affiliate, Scient'x S.A.S. and its subsidiary Surgiview S.A.S. (collectively, "Scient'x") has begun a process aimed at significantly restructuring its business operations. This restructuring plan, when completed in accordance with French laws, is expected to reduce Scient'x's workforce by 76 positions in total. It is anticipated that the restructuring will reduce operating expenditures between $2 to 6 million on an annualized basis and is part of the Company's strategy of streamlining the organization and lowering cost structures, with an expectation to improve its profitability in 2014 and beyond.
Scient'x is working cooperatively with its Works Councils on this restructuring plan and the corresponding collective redundancy plan.
"The decision to begin the process of restructuring our operations in France was very difficult but ultimately was based on the management team undertakin...
