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The company reportedly expects to achieve cost savings related to these actions of $3 million to $4 million in its fiscal year ending March 31, 2013, and an additional $7 million to $8 million in its fiscal year ending March 31, 2014. Beginning in the fiscal year ending March 31, 2015, the company reportedly expects the annual cost savings will be approximately $15 million to $18 million.
“There has been significant improvement in our Film and Electrolytic segment financial results over the past several quarters from our prior actions, but more is required to be competitive in the future,” said Per Loof, CEO. “We have received excellent cooperation from our local unions and government representatives to achieve a partnership of driving for success that we believe can provide a level of economic stability for our employees and profitability for the company.”
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