Summit Technology to Reorganize, Change Name
WALTHAM, Mass., Apr. 5 -- Summit Technology Inc.'s board of directors has approved a restructuring of the company to fully integrate its laser vision correction businesses. The board also voted to change the name of the company to Summit Autonomous Inc., subject to shareholder approval.
Summit said it plans to take a first quarter pretax restructuring charge of $3 million; it estimates that the reorganization will lead to a reduction of approximately 20 personnel. The company expects the annualized benefit of the restructuring to be $3 million. In addition, there will be a one-time charge of $8 million to terminate a strategic alliance agreement with Ciba Vision Group Management Inc., which was inherited as part of Summit's acquisition of Autonomous in 1999. The company also expects to be able to reduce expenses in 2000 by approximately $5 million.
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