Brief: Colabor says announced plan to rationalize and optimize its operations

Colabor

26/01/2016 13:30

Jan 26 (Reuters) - Colabor Group Inc  GCL.TO : 
 * Says announced a plan to rationalize and optimize its operations 
 * Rationalization measures are expected to result in cost reductions estimated 
   at more than $6.0 million annually, before taxes 
 * Says plan will entail the elimination of approximately 120 jobs, or 8% of the 
   company's headcount 
 * Savings will be progressively realized during fiscal 2016 and will take full 
   effect during fiscal 2017 
 * Says in addition to a reduction of current personnel, some vacant positions 
   will be eliminated 
 * Says will record a charge not related to current operations of about $3.0 
   million, before taxes, in Q1 of fiscal 2016 
 * Sees FY 2015 adjusted EBITDA of more than $26 million 
 
 * Source text for Eikon  ID:nMKWFpf6Pa  
 * Further company coverage  GCL.TO  
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