Crown Castle Initiated Restructuring Plan On July 24, 2023; Plans Reducing Total Employee Headcount By Approximately 15% - Filing
Portfolio Pulse from Benzinga Newsdesk
Crown Castle has initiated a restructuring plan that includes reducing its total employee headcount by approximately 15%, discontinuing installation services within the Towers segment, and consolidating office space. The company estimates it will incur restructuring and related charges of approximately $120 million, mostly in the third and fourth quarters of 2023.
July 24, 2023 | 8:22 pm
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Crown Castle's restructuring plan, including a 15% workforce reduction and discontinuation of certain services, is expected to result in charges of approximately $120 million in the latter half of 2023.
The restructuring plan, including workforce reduction and service discontinuation, is likely to have a negative impact on Crown Castle's short-term financial performance due to the associated costs. This could potentially lead to a decrease in the company's stock price.
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