Dive summary:
- Republic Services announced they are undergoing a total company renovation, consolidating field regions, relocating office space and reducing staff.
- Republic expects the restructuring to cost them close to $30 million up front but say the new format will reduce selling, general and administrative expenses by $23 million annually.
- Offices are being closed in San Francisco, Houston and Centerville, Va.
From the article:
Republic Services, Inc. (NYSE: RSG) today announced it has restructured its field and corporate operations to create a more efficient and competitive company. These changes include consolidating field regions from four to three and areas from 28 to 20, relocating office space and reducing administrative staffing levels. Republic expects to record expenses of approximately $30 million with respect to this restructuring, approximately one-half of which will be incurred in the fourth quarter of 2012. This restructuring is expected to reduce selling, general and administrative expenses by approximately $23 million annually. ...