The Company continued an enterprise restructuring program aligned with its long-term strategy to reduce costs and enable investment in its growth platforms. The recently-announced restructuring action is expected to be completed in second half of 2024 and, along with net enterprise attrition, is expected to impact approximately 40 salaried employees, or 7%, of salaried workforce.

Annual run rate savings are expected to be $4.5 million, with $2.0 million expected in 2024. Charges associated with the restructuring are expected to be approximately $1.5 million in the 2024 second half.