- Company Reaffirms Third Quarter Guidance and Provides Fourth Quarter Guidance
- Implements Cost Reduction Plan
- Announces New $500 Million Share Repurchase Authorization
SWINDON, United Kingdom--(BUSINESS WIRE)-- Sensata Technologies (NYSE: ST), a global industrial technology company and leading provider of sensors, sensor-rich solutions and electrical protection devices, is holding an Investor Event today at which it will provide updates on its business and financial targets for 2026.
Q3 2023 Reorganization Plan
Sensata has committed to a plan which includes voluntary and involuntary reductions-in-force, site closures, and other cost saving initiatives. The decision to execute the plan was made to adjust the Company’s cost structure and business activities to better align with the weaker market demand it has been experiencing due to continued economic uncertainty in many of its end markets and to take active measures to accelerate margin recovery.
The Company expects to record charges (including severance, site closures, and other costs) in the third quarter of 2023 of $16 - $20 million. The Company further expects that the actions taken in the Q3 2023 Plan will result in annualized savings of personnel, facilities, and other costs of approximately $40 - $50 million and expects savings in the fourth quarter of 2023 to be approximately $4 - $5 million.
Read full press release here.