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Section 1: 8-K (8-K)

Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 18, 2016

VECTRUS, INC.
(Exact name of Registrant as specified in its charter)
                Indiana
001-36341
38-3924636
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)



655 Space Center Drive
Colorado Springs, CO 80915
(Address of principal executive offices) (Zip Code)
 
Registrant's telephone number, including area code: (719) 591-3600

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))









Item 7.01 Regulation FD Disclosure.

On October 18, 2016, Vectrus, Inc. issued a press release announcing a corporate reduction in force and a realignment of effort resulting in the elimination of 64 positions at the Colorado Springs headquarters. The corporate realignment will also place critical business functions closer to both customers and contracts. The reductions that were announced are in addition to 18 open or unfilled positions that were eliminated throughout the year.

A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

This information, including Exhibit 99.1, is furnished pursuant to Item 7.01 Regulation FD Disclosure and shall not be deemed filed for purposes of Section 18 of the Exchange Act or incorporated by reference into any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the "Act"): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, statements about our business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "may," "will," "likely," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "could," "potential," "continue," or similar terminology are forward-looking statements. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements, our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to factors set forth in Part I, Item 1A, – “Risk Factors,” and elsewhere in our 2015 Annual Report on Form 10-K and described from time to time in our future reports filed with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.     Description
99.1
Press release issued by Vectrus, Inc. on October 18, 2016



























SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 18, 2016
VECTRUS, INC.
 
By:
/s/ Kathryn S. Lamping
 
Its:
Assistant Secretary


































Exhibit Index

Exhibit No.     Description
99.1
Press release issued by Vectrus, Inc. on October 18, 2016




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Section 2: EX-99.1 (EXHIBIT 99.1)

finalnewsreleasereductio
PRESS RELEASE Contacts: Media George Rhynedance (719) 637-4182 george.rhynedance@vectrus.com Investors Mike Smith (719) 637-5773 michael.smith@vectrus.com Vectrus reduces Colorado Springs workforce by 64; announces realignment of effort COLORADO SPRINGS, Colo., Oct. 18, 2016 –Vectrus, Inc. (NYSE: VEC), announced a corporate reduction in force and a realignment of effort resulting in the elimination of 64 positions at the Colorado Springs headquarters. The corporate realignment, building on organizational actions initiated earlier this year, will also place critical business functions closer to both customers and contracts. The reductions taken today are in addition to 18 open or unfilled positions the company eliminated throughout the year. “The reduction in staffing, while difficult, is a necessary action for Vectrus in order to maintain its competitive position in the marketplace,” said Ken Hunzeker, CEO and president at Vectrus. “The corporate realignment will build on and strengthen the organizational efforts initiated earlier this year by placing certain business functions closer to the associated service offering, to improve our ability to secure future contract awards.” “It is important to note, these reductions impact neither the services we are delivering to our customers, nor our performance on current contracts,” said Hunzeker. “Furthermore, we plan to, at a minimum, maintain our investment and spending in business development and other functions that drive revenue.” During the past year, Vectrus has worked to structure the corporation to better align solutions to customer needs. These efforts have focused around the operations centers created earlier this year – one in Reston, Va., supporting the IT and Network Communication service offering, and one in Colorado Springs supporting the Infrastructure Asset Management (Infrastructure) and Logistics and Supply Chain Management (Logistics) service offerings. One result of the realignment has been the consolidation of the Infrastructure and Logistics service offerings because they have similar capabilities. The resulting service offering is called Facility and Logistics Services. -more- The financial implication of these efforts will result in an approximate $2 million severance expense in the fourth quarter of 2016 with an anticipated annual savings of $8 million related


 
2 to the action taken today. The company expects to realize additional savings in 2017 through reductions taken on non-labor discretionary expenditures. “These actions reflect two initiatives. First, we realigned certain functions in order to strengthen the organizational changes we initiated earlier in the year,” said Matt Klein, chief financial officer at Vectrus. “And second, because we continuously evaluate our cost structure, the reductions in headcount proactively address anticipated reductions in revenue on certain programs.” #### About Vectrus Vectrus is a leading, global government services company with a history in the services market that dates back more than 70 years. The company provides facility and logistics services, and information technology and network communication services to U.S. government customers around the world. Vectrus is differentiated by operational excellence, superior program performance, a history of long-term customer relationships, and a strong commitment to their mission success. Vectrus is headquartered in Colorado Springs, Colo., and includes about 6,000 employees spanning 132 locations in 18 countries. In 2015, Vectrus generated sales of $1.2 billion. For more information, visit our website at www.vectrus.com or connect with us on Facebook, Twitter, LinkedIn, and YouTube.


 
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