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Restructuring
12 Months Ended
Oct. 31, 2024
Restructuring  
Restructuring

Note 4. Restructuring

On September 5, 2024, the Company undertook a restructuring, which included a reduction in force that represented approximately 4% of the Company’s global workforce, to reduce costs and align production levels with then-current levels of demand in a manner that is consistent with the Company’s long-term strategic plan. The workforce was reduced across our global operations including Calgary, Canada and at our North American production facility in Torrington, Connecticut, at corporate offices in Danbury, Connecticut and at other remote locations. Restructuring expense relating to severance for eliminated positions of $2.6 million was recognized in the year ended October 31, 2024, which has been presented under a separate caption in the Consolidated Statements of Operations. As of October 31, 2024, $0.3 million of the restructuring

expense had been paid out, and the remaining balance is included within Accrued liabilities on the accompanying Consolidated Balance Sheets.

Refer to Note. 22. “Subsequent Events” for additional information on the restructuring activities that were announced in November 2024.