DENTSPLY International Announces Lab Restructuring
(Thomson Reuters ONE) -
York, PA - May 26, 2015 - DENTSPLY International Inc. (NASDAQ-XRAY), a global
leader in professional dental products, today announced that it has reached
agreement with the applicable works councils in Germany to proceed with
restructuring portions of its laboratory business, consistent with its earlier
announcement of September 17, 2014. The realignment of the lab business is
designed to increase emphasis on innovative prosthetic materials while exiting
portions of the lab equipment and fabrication businesses. The majority of this
restructuring effort will be implemented during the remainder of fiscal 2015 and
2016.
The Company expects to incur total costs in the range of $33 to $38 million
related to this initiative, the majority of which are expected to be recorded in
the fiscal second quarter of 2015. It is anticipated that approximately 85% of
these costs will be cash outlays, including costs related to severance and
employee related obligations. This initiative impacts certain manufacturing
operations from two sites in Germany, one of which will be closed and another
that will be downsized. The Company noted that this action is part of its
broader efficiency program and the anticipated impact was included in the
adjusted earnings guidance as previously provided (which excludes restructuring
charges).
DENTSPLY International Inc. is a leading manufacturer and distributor of dental
and other consumable medical device products. For over 115 years, DENTSPLY's
commitment to innovation and professional collaboration has enhanced its
portfolio of branded consumables and small equipment. Headquartered in the
United States, the Company has global operations with sales in more than 120
countries. Visit www.dentsply.com for more information about DENTSPLY and its
products.
This press release contains forward-looking information (within the meaning of
the Private Securities Litigation Reform Act of 1995) regarding future events or
the future financial performance of the Company that involve substantial risks
and uncertainties. Actual events or results may differ materially from those in
the projections or other forward-looking information set forth herein as a
result of certain risk factors. These risk factors include, without limitation;
the continued strength of dental and medical markets, the timing, success and
market reception for our new and existing products, uncertainty with respect to
governmental actions with respect to dental and medical products, outcome of
litigation and/or governmental enforcement actions, volatility in the capital
markets or changes in our credit ratings, continued support of our products by
influential dental and medical professionals, our ability to successfully
integrate acquisitions, risks associated with foreign currency exchange rates,
risks associated with our competitors' introduction of generic or private label
products, our ability to accurately predict dealer and customer inventory
levels, our ability to successfully realize the benefits of any cost reduction
or restructuring efforts, our ability to obtain a supply of certain finished
goods and raw materials from third parties and changes in the general economic
environment that could affect the business. Changes in such assumptions or
factors could produce significantly different results.
For additional information regarding the factors that may cause actual results
to differ materially from these forward-looking statements, please refer to the
Company's most recent Form 10-K and its subsequent periodic reports on Forms 10-
Q filed with the Securities and Exchange Commission.
For further information contact:
Derek Leckow
Vice President
Investor Relations
(717) 849-7863
###
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Source: DENTSPLY International Inc. via GlobeNewswire
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