Dr. Scagnetti joined FEI in 2001 and was named vice president and general manager of the Natural Resources business unit in 2007. Before FEI, he was with Intel Corporation in marketing and general management roles within the New Business Investments Group and in process development engineering. He holds an MBA from the University of Oregon and a PhD in mechanical engineering from the Massachusetts Institute of Technology.
The Science Group includes the Materials Science and Life Sciences business units. In the first nine months of 2012, those businesses represented approximately 48% of FEI's revenue. The Industry Group includes the Electronics and Natural Resources businesses. In the first nine months of 2012, those businesses represented approximately 52% of company revenue. Both of the new Groups include the revenue and costs associated with service provided to their customers. In accordance with SEC guidelines, FEI plans to report its segment information for the fourth quarter and full year of 2012 in line with its prior segment reporting. Beginning with the first quarter of 2013, it will report segments based on the new management structure.
The company also expects to incur additional restructuring charges in the fourth quarter of 2012, primarily related to the reorganization. With its third quarter earnings release on October 30, the company had forecast restructuring expense of approximately $2 million for the fourth quarter. That expense is now forecast to be $2.9 million.
Safe Harbor StatementThis news release contains forward-looking statements that include statements regarding future growth, organizational changes, improved ability to integrate future acquisitions, planned segment reporting and restructuring charges. Factors that could affect these forward-looking statements include, but are not limited to: potential disruption in the company's focus, activities and ability to execute due to organizational change; failure of organizational changes to achieve expected benefits; the inability of the company to make future acquisitions; unanticipated costs related to future acquisitions; failure of the company to achieve anticipated benefits of acquisitions, including failure to achieve financial goals and effective integration; additional restructuring charges in the future and failure to properly estimate expected restructuring charges and the timing of such charges; potential weakness in the global economy and their impact on Science markets, including the impact of government austerity measures and the interruption of growth in developing markets; and cyclical changes in industrial markets, including semiconductors, mining and oil & gas. Please refer to FEI's Form 10-K, Forms 10-Q, Forms 8-K and other filings with the U.S. Securities and Exchange Commission for additional information on risk factors that could cause actual results to differ materially from the forward-looking statements. FEI assumes no duty to update forward-looking statements.
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