Note 9 - Restructuring charges |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 02, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities Disclosure [Text Block] |
During
the first quarter of 2011 the Company began executing its
2011 Plan to streamline operations in response to reductions
in forecasted revenues. The Company recorded
restructuring charges of $364, consisting of severance costs
of $205 at the Mexico facility and $159 at the Markham
facility. The Company reduced staff levels by approximately
120 full-time equivalents (FTEs) in Mexico and 40 FTEs in
Canada. In the second quarter of 2011, the Company continued
its 2011 Plan and recorded additional restructuring charges
of $1,743, consisting of severance costs of $408 at the
Mexico facility, $427 at the Markham facility and $908 in the
Corporate office. Staff levels were reduced by approximately
120 FTEs in Mexico and 70 FTEs in Canada. In the third
quarter of 2011, the Company continued its 2011 Plan and
recorded additional restructuring charges of $686, consisting
of severance costs of $186 at the San Jose/ZF facilities, $24
at the Mexico facility, $207 at the Markham facility and $269
in the Corporate office. Staff levels were reduced by
approximately an additional 13 FTEs in the United States, 1
FTE in Mexico and 40 FTEs in Canada.
The
following table details the change in restructuring accrual
for the nine months ended October 2, 2011, relating to the
2011 Plan:
Remaining
accrued amounts relating to the 2011 Plan consist of
severance payments of $186 in the United States, $33 in
Mexico and $1,148 in Canada that are expected to be paid out
by the end of fiscal 2012 through a drawdown on the revolving
credit facilities.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||