Itron Announces Restructuring; To Reduce Workforce By 9% - Quick Facts

(RTTNews) - Itron Inc. (ITRI) announced, in a regulatory filing, it is implementing projects to reduce headcount across all functions throughout the company and to close or consolidate several facilities. Itron plans to reduce workforce by approximately 750 positions, or 9%.

Itron estimates a pre-tax restructuring charge of $30 million to $35 million, substantially all of which will be incurred in the third quarter of 2013. The restructuring is estimated to result in net annualized cost savings of approximately $30 million.

The company plans to to complete approximately 60% of the reductions by the end of 2013. Substantially all of the actions will be completed by June 2014.