at CNBC.com (Jul 23, 2013)
Gardner Denver (GDI) says it's restructuring its European Industrial Products Group in an effort to reduce costs and expand margins. The plans include consolidating its manufacturing facilities and reduce associated staffing levels to increase operational efficiency. It expects to begin implementing its restructuring plan over the next several months, and will incur restructuring charges of around $85M-$100M. In total, the company expects to generate annualized savings of $35M - $40M by 2016, with $10M-$15M expected to be achieved in 2013.