These initiatives will result in a 10% reduction of the Company's total workforce, or approximately 225 employees, of which 125 are located in
"While our defense activities have been generally insulated from the global pandemic, we are seeing lower demand for our commercial products. We must therefore take the difficult but necessary decision to rationalize our cost structure by adjusting our manufacturing capacity to the current unprecedented environment. We regret the impact these actions will have on affected employees and will put in place appropriate measures to support them," said
These initiatives, which will be completed over the remainder of the fiscal year, will result in a non-recurring charge totalling approximately
FORWARD-LOOKING STATEMENTS
Except for historical information, this press release contains information and statements of a forward-looking nature concerning the future performance of the Corporation.
Forward-looking statements are based on assumptions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, the impact of the COVID-19 pandemic, fluctuations in quarterly results, evolution in customer demand for the Corporation's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes.
As a result, readers are advised that actual results may differ from expected results. Please refer to the Corporations' latest MD&A for further details regarding the material assumptions underlying the forecasts and guidance. Such forecasts and guidance are provided for the purpose of assisting the reader in understanding the Corporation's financial performance and prospects and to present management's assessment of future plans and operations, and the reader is cautioned that such statements may not be appropriate for other purposes.
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