Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events

Subsequent Events

12. Subsequent Events

Dividend Declared

On July 30, 2013, the Company declared a quarterly dividend of thirteen cents ($0.13) per share on each outstanding share of Class A Common Stock and Class B Common Stock payable on August 30, 2013 to stockholders of record at the close of business on August 19, 2013.

Approved European Restructuring Program

On July 30, 2013, the Board of Directors authorized the initiation of a restructuring program with respect to the Company’s European operations to reduce its European manufacturing footprint by approximately 10%, improve organizational and operational efficiency and better align costs with expected revenues in response to changing market conditions.

The restructuring program is expected to include a pre-tax charge to earnings totaling approximately $14.0 million, approximately $9.8 million of which is expected to be recorded through fiscal 2014 and the remainder of which is expected to be recorded during fiscal 2015.  This total charge is expected to include costs for severance benefits, relocation, clean-up, professional fees and certain asset write-downs.  The total net after-tax charge for the restructuring program is expected to be approximately $10.0 million.  The restructuring program is expected to be completed by the end of the fourth quarter of fiscal 2015.  Certain aspects of the restructuring program will be subject to further analysis and determinations by local management and consultation and negotiation with various outside agencies.