Sep 2016 Financial News

Arawak to continue restructuring efforts

Sep 07, 2016

THE ARAWAK CEMENT Company Ltd (ACCL) today informed employees of its intention to offer voluntary separation packages as part of a financial and operational restructuring programme started in October 2015.

In a release, the company said it is continuing this initiative now because the first phase of the restructuring has not yielded the results that are necessary to attain profitability and competitiveness.

“This is due to the unfavourable economic conditions globally and in the region, that regrettably make it necessary to further reduce costs in all areas of our operations. With significant excess cement capacity in the region and highly competitive price sensitive markets, cost reduction is vital for Arawak to return to profitability and improve competitiveness in this market and grow export in the region,” Arawak said.

General manager Manuel Toro met with all employees this morning at the St Lucy plant to inform them of the need to continue the restructuring process that includes the company’s offer to employees who are interested in voluntary separation, which will commence over the coming weeks, for those interested in submitting applications.

Source:
PR/NB,
Nation News
Wednesday September 7, 2016

http://www.nationnews.com/nationnews/news/85261/arawak-continue-restructuring-efforts