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Jabil Circuit to restructure global operations resulting in $188M in charges

Jabil intentds to realign its global operations to more appropriately reflect current market conditions and customer needs. The company began consultation with employees during Q3. The company currently estimates that the realignment could result in approximately $188M of charges, including the $28M of charges incurred during the company’s Q3. It is currently estimated that $60M-$70M will be recorded in Jabil’s Q4 and the balance during its fiscal years 2014 and 2015. Jabil estimates that the majority of the $140M cash associated with these actions will be used in fiscal 2014.