UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 16, 2009
MTS SYSTEMS CORPORATION
(Exact name of registrant as specified in its charter)
Minnesota | | 0-2382 | | 41-0908057 |
(State or other jurisdiction
of incorporation) | | (Commission
File Number) | | (IRS Employer
Identification No.) |
| | | | |
14000 Technology Drive | | | | |
Eden Prairie, Minnesota | | | | 55344 |
(Address of principal executive offices) | | | | (Zip Code) |
Registrant’s telephone number, including area code: (952) 937-4000
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.05. Costs Associated with Exit or Disposal Activities.
On July 16, 2009, MTS Systems Corporation (the “Company”) announced a workforce reduction in response to the continued weakness in industrial capital spending.
The Company-wide workforce reduction impacts approximately 65 positions and includes both immediate actions as well as those taken in April 2009. As a result, the Company will record a pre-tax charge of $1.2 million for severance costs in the third quarter of fiscal 2009, ended June 27, 2009. A majority of this charge will result in future cash expenditures.
Combined with the actions announced today, the Company anticipates further workforce and cost reduction actions in the fourth quarter related to material sourcing and process and structure improvements. These actions will result in annual savings of $15-20 million for fiscal 2010.
A copy of the press release announcing this action is furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01. Exhibits.
Exhibit No. | | Description of Exhibit |
99.1 | | Press Release dated July 16, 2009. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| MTS SYSTEMS CORPORATION |
| (Registrant) |
| | | |
| | | |
Date: July 17, 2009 | By: | /s/ SUSAN E. KNIGHT | |
| | Susan E. Knight | |
| | Vice President and Chief Financial Officer | |
MTS SYSTEMS CORPORATION
FORM 8-K CURRENT REPORT
INDEX TO EXHIBITS
Exhibit No. | | Description of Exhibit |
99.1 | | Press Release dated July 16, 2009. |
