SCS-05.06.2014-8K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
______________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 6, 2014
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STEELCASE INC.
(Exact name of registrant as specified in its charter)
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Michigan | 1-13873 | 38-0819050 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS employer identification number) |
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901 44th Street SE | | |
Grand Rapids, Michigan | | 49508 |
(Address or principal executive offices) | | (Zip code) |
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Registrant's telephone number, including area code: (616) 247-2710 |
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None |
(Former address, if changed since last report) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.05 Costs Associated with Exit or Disposal Activities.
Steelcase Inc. (the “Company”) announced today actions to close a manufacturing facility in High Point, North Carolina. In connection with this project, the Company expects to incur approximately $8 million of cash restructuring costs, with approximately $4 million relating to workforce reductions and approximately $4 million relating to manufacturing consolidation and production moves. Approximately $2 million, $3 million and $3 million of the costs associated with this project are expected to be incurred in fiscal years 2015, 2016 and 2017, respectively. In addition, the Company anticipates it will incur approximately $2 million of costs associated with labor inefficiencies over fiscal years 2015 and 2016 as a result of the manufacturing consolidation and production moves.
The Company estimates annualized savings from these actions will be approximately $5 million when fully implemented in fiscal year 2017. The actions being announced today, in addition to previously announced actions, are part of the Company’s on-going strategy to improve the competitiveness and overall fitness of its business model.
From time to time, in written and oral statements, the Company discusses its expectations regarding future events and its plans and objectives for future operations. These forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary from the Company's expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters and other Force Majeure events; changes in the legal and regulatory environment; the Company's restructuring activities; changes in raw materials and commodity costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in this Report, the Company's most recent Annual Report on Form 10-K and the Company's other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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By: | /s/ Mark T. Mossing |
| Mark T. Mossing
Corporate Controller and
Chief Accounting Officer
(Duly Authorized Officer and
Principal Financial Officer) |
Date: May 6, 2014