Hemisphere GPS sells non-ag operations, changes name
As part of the previously announced restructuring plan, the company has completed the transition of its Calgary-based manufacturing activities to its external manufacturing partner, and is closing its Calgary-based manufacturing activities effective today. The transition of the Company's head office to Hiawatha, Kan., continues, and the Calgary location will be officially closed on May 31, 2013. Other progress on restructuring activities has been positive and costs associated with the restructuring are expected to come in below previously announced estimates. The company does not require additional capital to complete the restructuring.
Upon completion, savings from the overall restructuring are estimated to be approximately $7 million per annum through reduced manufacturing costs, improved gross margins and reduced operating overhead.