05:26 PM EDT, 04/17/2024 (MT Newswires) -- Adtran ( ADTN ) is closing its facility in Greifswald, Germany, within the next three months.

The closure is part of Adtran's ( ADTN ) business efficiency program and will cost about $13.5 million to $18.4 million, the company said in a regulatory filing.

The cash charges include between $13.3 million and $17.6 million in severance, outplacement and related expenses, while lease exit costs will be about $700,000 to $1.3 million, the company said.

Adtran ( ADTN ) will incur these charges in fiscal 2024 and cash payments will span into 2025. The closure will be substantially completed by June 30.