Compass Minerals cuts 16% of workforce in restructuring Compass Minerals cuts 16% of workforce in restructuring
Apr. 04, 2023 4:59 PM ETCompass Minerals International, Inc. (CMP)By: Carl Surran, SA
https://seekingalpha.com/news/3954512-compass-minerals-cuts-16-of-workforce-in-restructuring Compass Minerals (NYSE:CMP) disclosed Tuesday it terminated 48.5 full-time employee positions, or ~16% of its workforce, as part of cost control measures taken as it focuses on maximizing the profitability of core Salt and Plant Nutrition businesses.
The company said it expects to incur $3.3M in charges during FY 2023 related to the job cuts, with ~$2.8M to be recognized in the quarter ended March 31.
For FY 2024, Compass (CMP) expects the job cuts and the elimination of certain consulting and other overhead costs after FY 2023, will benefit operating expenses and adjusted EBITDA by $17M-$18M annually.
Compass Minerals (CMP) likely will not be able to pull off its lithium project without additional debt or again increasing outstanding shares, Daniel Schnberger writes in an analysis published on Seeking Alpha.