The Company continuously monitors market developments, industry trends and changing customer needs and in response, has taken and may continue to undertake restructuring actions, as necessary, to execute management’s strategy, streamline operations and optimize the Company’s cost structure. Restructuring actions may include the realignment of existing manufacturing footprint, facility closures or similar actions, either in the normal course of business or pursuant to significant restructuring programs.

These actions may result in employees receiving voluntary or involuntary employee termination benefits, which are mainly statutory requirements or other contractual agreements. Voluntary termination benefits are accrued when an employee accepts the related offer. Involuntary termination benefits are accrued upon the commitment to a termination plan and when the benefit arrangement is communicated to affected employees, or when liabilities are determined to be probable and estimable, depending on the existence of a substantive plan for severance or termination.

In July 2025, the Company committed to an additional restructuring plan to further optimize the Company’s manufacturing footprint by realigning its global manufacturing capacity (“2025 Manufacturing Footprint Plan”). As a result, the Company will relocate certain manufacturing activities between existing locations.

The Company expects to incur cash restructuring costs of between $3,000 and $4,000 for employee severance and retention costs and $1,000 of other transition costs primarily for machinery and equipment move and set up costs. Additionally, we expect to incur capital expenditures of between $1,000 and $2,000. The actions under the 2025 Manufacturing Footprint Plan are expected to be substantially completed by the end of 2026.

During the three and nine months ended September 30, 2025, the Company recognized restructuring expense of $2,190, for employee separation costs.

In February 2025, the Company committed to a restructuring plan to further optimize the Company’s manufacturing footprint by realigning its manufacturing capacity in Europe (“2025 EMEA Plan”). As a result, the Company will close its facility in Plzeň, Czech Republic and relocate the manufacturing activities into other existing facilities within the region.

The Company expects to incur cash restructuring costs of between $4,000 and $6,000 for employee severance and retention costs and between $2,000 and $3,000 of other transition costs primarily for machinery and equipment move and set up costs. Additionally, we expect to incur capital expenditures of between $1,000 and $2,000. The actions under the 2025 EMEA Plan are expected to be substantially completed by the end of 2026.

During the three and nine months ended September 30, 2025, the Company recognized restructuring expense of $413 and $3,186, respectively, for employee separation costs and $480 and $813, respectively, for other costs.

In February 2025, the Company committed to an additional restructuring plan to further optimize the Company’s manufacturing footprint by realigning its manufacturing capacity in Asia (“2025 Asia Plan”). As a result, the Company will relocate certain manufacturing activities from its facility in Shanghai, China to its new facility in Tianjin, China.

The Company expects to incur cash restructuring costs of between $2,000 and $3,000 for employee severance and retention costs and $1,000 of other transition costs primarily for machinery and equipment move and set up costs. Additionally, we expect to incur capital expenditures of between $2,000 and $3,000. The actions under the 2025 Asia Plan are expected to be substantially completed in the first half of 2026.

During the three and nine months ended September 30, 2025, the Company recognized restructuring expense of $125 and $2,077, respectively, for employee separation costs and $273 and $390, respectively, for other costs.

The Company has undertaken several discrete restructuring actions in an effort to optimize its cost structure.

During the three and nine months ended September 30, 2025, the Company recognized $(2) and $1,214, for employee separation costs related to structural cost reductions impacting the Company’s global salaried workforce.

During the three and nine months ended September 30, 2024, the Company recognized $787 and $6,150, respectively, for employee separation costs related to structural cost reductions impacting the Company’s global salaried workforce.

During the three and nine months ended September 30, 2025, the Company recognized $0 and $(262), respectively, for employee separation costs and $507 and $1,000, respectively, for other costs, primarily related to the relocation of certain manufacturing to best cost locations.

During the three and nine months ended September 30, 2024, the Company recognized $1,008 and $4,518, respectively, for employee separation costs and $867 and $1,674, respectively, for other costs, primarily related to the relocation of certain manufacturing to best cost locations.

The following table summarizes restructuring expenses, net for the three and nine months ended September 30, 2025 and 2024 by reporting segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Automotive	$	3,972	$	2,662	$	10,410	$	11,470
Medical		14		—		170		20
Corporate		—		—		28		852
Total	$	3,986	$	2,662	$	10,608	$	12,342

Restructuring liabilities are classified as other current liabilities in the consolidated condensed balance sheets. The following table summarizes restructuring activity for all restructuring initiatives for the nine months ended September 30, 2025:


	Employee Separation Costs			Other Related Costs, Net			Total
Balance at December 31, 2024	$	3,288		$	—		$	3,288
Additions, charged to restructuring expenses, net		4,412			284			4,696
Cash payments		(2,123	)		(284	)		(2,407	)
Change in estimate		(182	)		—			(182	)
Currency translation		100			—			100
Balance at March 31, 2025	$	5,495		$	—		$	5,495
Additions, charged to restructuring expenses, net		1,533			659			2,192
Cash payments		(1,274	)		(659	)		(1,933	)
Change in estimate		(84	)		—			(84	)
Currency translation		363			—			363
Balance at June 30, 2025	$	6,033		$	—		$	6,033
Additions, charged to restructuring expenses, net		2,738			1,260			3,998
Cash payments		(1,048	)		(1,260	)		(2,308	)
Change in estimate		(12	)		—			(12	)
Currency translation		45			—			45
Balance at September 30, 2025	$	7,756		$	—		$	7,756