Restructuring

2014 Repositioning Actions

The Company recorded pre-tax restructuring charges of $6.0 million in the first quarter of 2014, including $3.2 million related to the consolidation of a facility in the U.K in the Fluid Handling segment and $2.8 million associated with certain facility consolidation activities in the Aerospace & Electronics segment. These charges primarily included severance and move costs related to the transfer of certain manufacturing operations. The Company expects these repositioning actions to result in workforce reductions of approximately 180 employees, or about 2%, of the Company’s global workforce.

The following table summarizes the restructuring charges by cost type and business segment:



(in thousands)	Severance		Asset write-down		Other		Total
Fluid Handling	$	3,020	$	165	$	46	$	3,231
Aerospace & Electronics	2,410		41		367		2,818
	$	5,430	$	206	$	413	$	6,049

The Company expects to incur additional restructuring and related charges of approximately $7 million to complete these actions.

Acquisition Related Restructuring

In the first quarter of 2014, the Company recorded pre-tax restructuring charges of $4.0 million related to the December 2013 acquisition of MEI in the Company's Payment & Merchandising Technologies segment. The Company expects these 2014 actions to result in workforce reductions of approximately 60 employees, or less than 1% of the Company’s global workforce.

The following table summarizes the restructuring charges by cost type and business segment:



(in thousands)	Severance		Asset write-down		Other		Total
Payment & Merchandising Technologies	$	3,828	$	160	$	—	$	3,988

The Company expects to incur additional restructuring and related charges of approximately $2 million to complete these actions.