ABM sees $35M of annualized cost savings from restructuring program

ABM (ABM) launched a restructuring program in August to further streamline its operations and improve the efficiency of its support functions. This initiative is intended to enhance overall organizational effectiveness and ensure alignment between the company’s cost structure and operational footprint, and the company’s strategic growth objectives. Once fully implemented, this program is expected to deliver approximately $35M of annualized cost savings. The company expects these savings to begin in the fourth quarter and ramp to their full run rate by early fiscal 2026. The company expects to record approximately $10M in restructuring charges related to these actions in the fourth quarter. The company continues to review its overhead and cost structure for efficiency opportunities under this program.