Steelcase Spent a Total of US$34.7m on Restructuring Measures

In the past 2012/2013 business year the North American office furniture group, Steelcase spent a total of US$34.7m on restructuring measures. Of this amount US$13m was spent on the closures of three North American production locations, announced as long ago as the fourth quarter of 2010/2011 and concluded during the course of the past financial year. A total of US$41m has been spent on restructuring in connection with this measure, US$28.4m of which was required for reduction of staff. In the fourth quarter of 2012/2013, furthermore, closure of the Corporate Development Center in the USA was announced, for which costs amounted to US$12.4m on account of depreciations. In the EMEA region, which encompasses Europe, the Middle East and Africa, restructuring measures were also implemented in the fourth quarter. These included consolidation of the retailer network as well as 60 job cuts. The costs involved amounted to US$3.8m. A further US$2m was spent on integration of the PolyVision sector in the Steelcase Education Solutions business division.