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| IGT > SEC Filings for IGT > Form 8-K on 4-Feb-2009 | All Recent SEC Filings |
4-Feb-2009
Costs Associated with Exit or Disposal Activities
On January 29, 2009, International Game Technology (IGT, we, our) committed to a plan, as part of ongoing efforts to achieve greater operational efficiencies in a difficult global economy, to further reduce its workforce by approximately 200 manufacturing-related positions. We believe this restructuring effort will better align our supply chain capacity and resources to the demands of the marketplace. Combined with our initial 8% workforce reduction announced in November 2008, total staff reductions in the current fiscal year represent just over 10% of our worldwide workforce.
This reduction of 200 manufacturing-related positions is being accomplished through a combination of voluntary and involuntary employee separation arrangements. We expect to recognize between $7 million and $9 million in non-recurring cash charges for severance and other one-time termination costs during the third quarter of fiscal 2009 in connection with this additional workforce reduction.
Item 7.01
Regulation FD Disclosure.
The full text of the IGT press release announcing additional workforce reductions is furnished as Exhibit 99.1 to this report and is incorporated herein by this reference.
Item 9.01
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