Plug Power Announces Restructuring Plan, Sheds 22 Jobs

18 Dec 2012

On December 11, 2012, Plug Power Inc. (the “Company”) adopted a restructuring plan to improve organizational efficiency and conserve working capital needed to support the growth of the Company’s GenDrive business. In doing so, 22 full-time positions will be eliminated at the Company’s U.S. facilities. This workforce reduction was substantially complete on December 13, 2012. As a result of the restructuring, the Company expects to reduce annual expenses by $3.0 to $4.0 million.

The Company currently estimates that it will incur pre-tax restructuring charges resulting from the restructuring of approximately six hundred thousand dollars related to severance pay and other related costs. The Company expects to pay the majority of these restructuring charges within the next few months. The estimates of total charges and cash expenditures that the Company expects to incur in connection with the restructuring, and the timing thereof, is subject to a number of assumptions, and actual results may materially differ.

Source: Plug Power SEC filing

Industry Directory: Plug Power


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