0001104659-19-041508.txt : 20190724 0001104659-19-041508.hdr.sgml : 20190724 20190724062711 ACCESSION NUMBER: 0001104659-19-041508 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20190724 DATE AS OF CHANGE: 20190724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TE Connectivity Ltd. CENTRAL INDEX KEY: 0001385157 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 980518048 STATE OF INCORPORATION: V8 FISCAL YEAR END: 0927 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-33260 FILM NUMBER: 19969152 BUSINESS ADDRESS: STREET 1: RHEINSTRASSE 20 CITY: CH-8200 SCHAFFHAUSEN STATE: V8 ZIP: 1 BUSINESS PHONE: 41 (0)52 633 6661 MAIL ADDRESS: STREET 1: RHEINSTRASSE 20 CITY: CH-8200 SCHAFFHAUSEN STATE: V8 ZIP: 1 FORMER COMPANY: FORMER CONFORMED NAME: Tyco Electronics Ltd. DATE OF NAME CHANGE: 20070104 8-K/A 1 a19-13010_28ka.htm 8-K/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K/A

 


 

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 22, 2019 (April 24, 2019)

 

 

TE CONNECTIVITY LTD.

(Exact name of registrant as specified in its charter)

 

Switzerland

 

98-0518048

(Jurisdiction of Incorporation)

 

(IRS Employer Identification Number)

 

001-33260

(Commission File Number)

 

Rheinstrasse 20, CH-8200 Schaffhausen

Switzerland

(Address of Principal Executive Offices, including Zip Code)

 

+41 (0)52 633 66 61

(Registrant’s telephone number, including Area Code)

 

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 (see General Instruction A.2. below):

 

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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading symbol

 

Name of each exchange on which registered

Common Shares, Par Value CHF 0.57

 

TEL

 

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

 

 

 


 

Item 2.02.  Results of Operations and Financial Condition

 

See restructuring charges reported under Item 2.05 below for the third quarter of fiscal 2019, which information is incorporated by reference in this Item 2.02.

 

Item 2.05.  Costs Associated with Exit or Disposal Activities

 

On April 24, 2019, TE Connectivity Ltd. (the “Company”) filed a Current Report on Form 8-K (the “Prior Current Report”) in which it disclosed planned restructuring actions. The Company is filing this Current Report on Form 8-K/A to amend the Prior Current Report to update its disclosure regarding planned restructuring actions.

 

On April 24, 2019, the Company announced in the Prior Current Report its intent to initiate incremental restructuring actions to broaden the scope of its cost reduction initiatives and accelerate cost reduction and factory footprint consolidation activities in response to market weakness and that it expected to incur restructuring charges of approximately $250 million during fiscal 2019. The Company now expects to incur total restructuring charges of approximately $375 million during fiscal 2019, of which $184 million was incurred during the first nine months of fiscal 2019.  These actions are expected to be completed in fiscal 2021.  The charges are primarily comprised of employee related termination benefits impacting all segments. Cash spending related to restructuring was $104 million during the first nine months of fiscal 2019.  The Company expects total cash spending, which will be funded with cash from operations, to be approximately $165 million in fiscal 2019.

 

2


 

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 hereunto duly authorized.

 

Date: July 24, 2019

TE CONNECTIVITY LTD.

 

 

 

By:

/s/ Heath A. Mitts

 

 

Name:

Heath A. Mitts

 

 

Title:

Executive Vice President and Chief Financial Officer

 

3


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