...September 5, 2024 This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Sept. 5, 2024--S&P Global Ratings said today that Iris Holdco's restructuring plan will weaken its credit metrics in 2025, temporarily delaying the group's deleveraging. Iris Holdco (B-/Stable/--) is the holding company of ophthalmic lenses manufacturer Rodenstock GmbH. Rodenstock is likely to report lower S&P Global Ratings-adjusted EBITDA margins in 2025, as 25 million-35 million in restructuring costs linked to rightsizing and production-optimization initiatives will dent its profitability. We treat these restructuring costs as operating costs. Rodenstock is planning to discontinue the production of ophthalmic lenses in Regen, Germany, and optimize the use of its facility in Klatovy, the Czech Republic. We anticipate that the shift of resources from Germany to the Czech Republic will support Rodenstock's profitability in the medium term and result in annual cost savings of 10 million- 13...
