Guelph-based Armtec to cut 270 jobs
Posted Nov 15, 2011 12:59:42 PM.
This article is more than 5 years old.
Guelph-based Armtec Infrastructure Inc. is cutting 270 jobs in a bid to save money and improve earnings. That accounts for 14 percent of its workforce.
The company’s so-called “Turnaround Plan” will be rolled out by the end of the year. It will cost about $5 million but improve earnings over the next year or two.
“We’ve seen several quarters in a row of results that are below our expectations and the expectations of our various stakeholders,” President and CEO, Mark Anderson, tells 570 News. “On top of that, we see some continued economic headwinds and we need to make sure that the company is well prepared to be able to perform into the future.”
The company’s third-quarter revenue was $143.4 million, higher than the second quarter of 2011 and about the same as the third quarter of 2010.
Anderson says not all of the job cuts will be in Guelph. “We have about 48 locations across the country and the reductions are spread across the entire country and across those 48 locations,” he explains.
Armtec makes construction materials such as precast concrete and tubing.
