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CIRCOR says restructuring on schedule, additional steps being taken

The company said, “The restructuring actions we announced last quarter are on schedule and expected to deliver the projected annual savings of approximately $4M beginning in 2014. In addition, we recently updated our 5-year strategic plan. Based on that work we are changing our organizational structure to simplify the way we manage CIRCOR and, over time, better align our businesses with end markets. As part of the organizational change, we will consolidate our group structure from three groups to two. Initially, these changes are focused on reducing management layers and combining back-office operations. Our commercial organization will remain unchanged. We expect to complete this reorganization in the fourth quarter of 2013 and anticipate a reduction in our annual expenses of approximately $5.0M."