Brief: Ballard Announces Restructuring To Lower Total Operating Expenses By More Than 30% To Align With Delayed Market Adoption

Ballard Power Systems

12/09/2024 23:11

Sept 12 (Reuters) - Ballard Power Systems Inc  BLDP.TO :
    * BALLARD ANNOUNCES RESTRUCTURING TO LOWER TOTAL OPERATING
EXPENSES BY MORE THAN 30% TO ALIGN WITH DELAYED MARKET ADOPTION,
WHILE MAINTAINING LONG-TERM COMPETITIVENESS AND BALANCE SHEET
STRENGTH
    * BALLARD POWER SYSTEMS INC - RESTRUCTURING TO YIELD
ANNUALIZED
SAVINGS OVER 30%, SUBSTANTIAL PART REALIZED IN 2025
    * BALLARD POWER SYSTEMS INC - REITERATES 2024 GUIDANCE:
$145M-$165M OPERATING EXPENSE(EXCLUDING RESTRUCTURING AND
RELATED COSTS), $25M-$40M CAPEX
    * BALLARD POWER SYSTEMS : ALSO CONDUCTING STRATEGIC REVIEW
OF
CHINA STRATEGY, INCLUDING ALL OPTIONS RELATING TO WBJV
    * BALLARD POWER SYSTEMS INC - PAUL DOBSON AND MARK BIZNEK TO
DEPART AS CFO AND COO
    * BALLARD POWER SYSTEMS INC - KATE IGBALODE APPOINTED AS NEW
CFO
EFFECTIVE IMMEDIATELY
    * BALLARD POWER SYSTEMS INC - COMPANY EXPECTS TO BOOK
RESTRUCTURING CHARGE IN Q3 2024
    * BALLARD POWER SYSTEMS INC - LEE SWEETLAND APPOINTED AS NEW
COO
EFFECTIVE END OF 2024
    * BALLARD POWER SYSTEMS INC: REVIEWING FINANCING OPTIONALITY
TO
EXTEND OUR FUNDING TIMELINE, AND DELAY MATERIAL CASH OUTLAYS
    * BALLARD POWER SYSTEMS INC - REDUCTION MEASURES INCLUDE
WORKFORCE
CUTS, OPERATIONAL CONSOLIDATION

Source text for Eikon:  ID:nCNWFw1Yja 
Further company coverage:  BLDP.TO 

 ((Reuters.Briefs@thomsonreuters.com;))