RESTRUCTURING INITIATIVE

9 Months Ended

Sep. 30, 2013

RESTRUCTURING INITIATIVE

RESTRUCTURING INITIATIVE

NOTE 15 — RESTRUCTURING INITIATIVE

On November 1, 2012, the Company announced a plan to optimize certain capacity in Europe.  Due to increased production efficiencies and to better position the Company for future growth in Europe, AptarGroup is transferring and consolidating production capacity involving twelve facilities.  One facility has closed and another is expected to close by the end of 2013. These closures will impact approximately 170 employees.  The locations involved in the plan are facilities that are serving the beauty, personal care, food, beverage, and consumer health care markets.  The total costs associated with the plan are estimated to be approximately €14 million (approximately $19 million using current exchange rates) of which approximately €3 million (approximately $4 million using current exchange rates) relates to non-cash expenses and are included in depreciation and amortization in the Condensed Consolidated Statements of Income.  The cumulative expense incurred to date is $15.2 million.  As of September 30, 2013 we have recorded the following activity associated with our plan:

	Beginning		Net Charges for							Ending
	Reserve at		the Nine Months							Reserve at
	12/31/12		Ended 9/30/13		Cash Paid			FX Impact		9/30/13
Employee severance	$	3,158	$	6,735	$	(6,136	)	$	95	$	3,852
Other costs	--		2,067		(2,072		)	5		--
Totals	$	3,158	$	8,802	$	(8,208	)	$	100	$	3,852

In addition to the above charges, $1.5 million of accelerated depreciation was incurred in the first nine months of 2013.  This amount is included within depreciation and amortization in the Condensed Consolidated Statements of Income.