Zebra Technologies raises annualized cost savings target to $120M

“As previously announced, the company is executing on the 2022 Productivity Plan and the Voluntary Retirement Plan to generate cost efficiencies. Together, these Exit and Restructuring plans are expected to generate approximately $120 million of net annualized cost savings, an increase from $100 million, and were mostly complete entering 2024. In 2023, we realized approximately $50 million of operating expense savings (majority in the second half of 2023) and expect to realize approximately $60 million of incremental savings in 2024, with remaining savings realized into 2025. The total charges associated with the Exit and Restructuring plans are now expected to be approximately $130 million, an increase from $105 million. We have incurred total charges of $110 million through year-end 2023, with the remaining charges expected to be substantially complete by mid-2024.”