Alphatec (NSDQ:ATEC) said it plans to cut 76 positions from a pair of French subsidiaries, in amove it expects to save between $2 million and $6 million a year.
Carlsbad, Calif.-based Alphatec said the cuts will be made at its Scient’x and Surgiview subsidiaries and will cost about $11 million through fiscal 2014.
"We appreciate the significant contributions of those employees who could be impacted by this plan and their dedication to Scient’x and their customers. We will do everything possible to assist all affected employees and their families," Alphatec chairman & CEO Les Cross said in prepared remarks. "The decision to begin the process of restructuring our operations in France was very difficult, but ultimately was based on the management team undertaking a thorough analysis of the current and future market environment and Scient’x’s ability to remain competitive while meeting our customers’ needs with the best and most affordable solutions."
"The company is currently evaluating the impact that this restructuring will have on inventory and certain intangible assets including goodwill," Alphatec said in a regulatory filing.
