||12/11/2012 9:08:41 AM|
SMART Announces Corporate Restructuring
CALGARY, Alberta, Dec. 11, 2012 (GLOBE NEWSWIRE) -- SMART Technologies Inc. (Nasdaq:SMT) (TSX:SMA), a leading provider of collaboration solutions, today announced a corporate restructuring that will sharpen focus on each of its target markets in Education and Enterprise while simultaneously streamlining its corporate support functions. The restructuring will realign the organization into two business units as part of a plan that will reshape the Company to improve efficiency, innovation and customer experience.
The estimated financial impact is an annualized pre-tax cost savings of approximately $40 million once fully implemented by the fiscal fourth quarter ending March 31, 2013. As part of the restructuring, SMART will reduce its workforce by approximately 25% during the third and fourth quarters. One-time charges associated with the restructuring are currently under review and additional details will be provided when SMART reports its third quarter financial results.
"Today's announcement marks a significant change in SMART's operating model and has been designed to improve the customer experience and provide a more efficient and robust platform to build upon. The new structure will accelerate innovation and enable a more effective go to market strategy for our Education and Enterprise customers," stated Neil Gaydon, President and CEO of SMART. "The markets SMART operates in remain challenging, and establishing the right operating platform is critical to successfully executing our strategy. We look forward to providing more information on SMART's future direction over the coming months."
SMART Technologies Inc. is a leading provider of collaboration solutions that change the way the world works and learns. As the global leader in interactive whiteboards, our focus is on developing a variety of easy-to-use, integrated solutions that free people from their desks and computer screens, making collaboration and learning with digital resources more natural. Our products have transformed teaching and learning in more than two million classrooms worldwide, reaching over
40 million students and their teachers. In business, our Freestorm(TM) visual collaboration solutions improve the way that people work and collaborate, enabling them to be more productive and reduce costs.