Common use of Restructuring Charge Clause in Contracts

Restructuring Charge. In April 2001, the Company announced a restructuring program with aggressive actions to properly size its operations to current business conditions. These actions were designed to reduce costs and improve operating efficiencies. The program included, among other items, severance of employees, fringe benefits, outplacement fees, and the plant consolidation of two facilities. The restructuring, affected all three business groups, reduced the Company's current workforce by approximately 250 employees, representing 6% of the total workforce, and consolidates ▇▇▇▇ Manufacturing's two production facilities in southwest Michigan. The restructuring program costs are shown as a separate item in the accompanying income statement and resulted in a charge to operations of $5,661 ($3,509 after taxes), or $0.12 per share. Excluding the charge, fully diluted earnings per share would have been $0.77 a share for the six months ended June 30, 2001. At June 30, 2001, the amount remaining in the accruals for the restructuring program was approximately $4.0 million. Approximately $4.0 million of the restructuring accrual will be utilized by December 31, 2001 and the remainder will be utilized by March 2003.

Restructuring Charge. In April 2001, the Company announced a restructuring program with aggressive actions to properly size its operations to current business conditions. These actions were designed to reduce costs and improve operating efficiencies. The program included, among other items, severance of employees, fringe benefits, outplacement fees, and the plant consolidation of two facilities. The restructuring, affected affecting all three business groups, reduced will reduce the Company's current workforce by approximately 250 employees, representing 6% of the total workforce, and consolidates will include consolidation of ▇▇▇▇ Manufacturing's two production facilities in southwest Michigan. The restructuring program costs are shown as a separate item in the accompanying income statement and resulted in a charge to operations of $5,661 ($3,509 after taxes), or $0.12 per share. Excluding the charge, fully diluted earnings per share would have been $0.77 0.35 a share for the six three months ended June 30March 31, 2001. At June 30March 31, 2001, the amount remaining in the accruals for the restructuring program was approximately $4.0 5.0 million. Approximately $4.0 million of the restructuring accrual will be utilized by December 31, 2001 31,2001 and the remainder will be utilized by March 2003.