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BRIEF-Cray Inc says company commenced implementing a restructuring plan​
July 19, 2017 / 1:14 PM / 5 months ago

BRIEF-Cray Inc says company commenced implementing a restructuring plan​

July 19 (Reuters) - Cray Inc

* Cray Inc - ‍on July 18, 2017, Cray Inc commenced implementing a restructuring plan​

* Cray Inc - ‍expects to reduce its workforce by about 190 employees​

* Cray Inc - majority of cash payments related to restructuring charges are expected to be paid during quarterly period ending September 30, 2017

* Cray Inc says once restructuring plan fully implemented, company anticipates annualized savings from actions will be in range of $25.0 million

* Cray says ‍in connection with restructuring plan, estimates that it will incur aggregate restructuring charges in range of $10.0 million - SEC filing​

* Cray Inc - remainder of cash payments related to restructuring charges expected to be paid over following quarters after quarter ending September 30, 2017

* Cray Inc - part of annualized savings from restructuring will benefit gross margin, but a significant majority will affect operating expenses Source text: (bit.ly/2uIxmve) Further company coverage:

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