Brief: Hyzon Motors Approved Restructuring Plan To Improve Operational Effectiveness And Cost Reduction

Hyzon Motors

14/11/2023 14:40

Nov 14 (Reuters) - Hyzon Motors Inc  HYZN.O :
    * HYZON MOTORS- IN JULY, APPROVED RESTRUCTURING PLAN TO
IMPROVE
OPERATIONAL EFFECTIVENESS AND COST REDUCTION, INCLUDING ITS
WORKFORCE
    * HYZON MOTORS- RESTRUCTURING PROGRAM IS EXPECTED TO BE
COMPLETED
BY THE END OF THIRD QUARTER OF 2024
    * HYZON MOTORS-EXPECTS TO INCUR EMPLOYEE-RELATED CHARGES AS
WELL
AS CASH BONUS AND STOCK-BASED COMPENSATION TO DRIVE RETENTION
THROUGH 2024
    * HYZON MOTORS INC- AS A RESULT OF RESTRUCTURING PROGRAM, CO
EVALUATED LONG-LIVED ASSETS FOR IMPAIRMENT AT HYZON MOTORS
EUROPE B.V.
    * HYZON MOTORS INC- AN IMPAIRMENT CHARGE OF $4.6 MILLION WAS
RECORDED DURING Q3 OF 2023
    * HYZON MOTORS- EXPECTS TO IMPLEMENT SHARED SERVICE MODEL
FOR
PROCUREMENT & ENGINEERING, TRANSITION TO THIRD-PARTY ASSEMBLY
MODEL FOR FCEV UPFIT SERVICE

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