Brief: Klx Energy Services Announces Additional Cost Reduction Measures In Response To Current Depressed Market Conditions

KLX Energy Services Holdings

08/04/2020 12:36

April 8 (Reuters) - KLX Energy Services Holdings Inc
 KLXE.O :
    * KLX ENERGY SERVICES - ANNOUNCES ADDITIONAL COST REDUCTION
MEASURES IN RESPONSE TO CURRENT DEPRESSED MARKET CONDITIONS
    * KLX ENERGY -  ON MARCH 9, INITIATED A COST RATIONALIZATION
PROGRAM IN WHICH IT IMPLEMENTED AN APPROXIMATELY 360 PERSON, OR
22%, REDUCTION IN FORCE
    * KLX ENERGY - ANNOUNCING AN ADDITIONAL REDUCTION IN ITS
WORKFORCE
OF APPROXIMATELY 170 EMPLOYEES, WHICH IT EXPECTS TO COMPLETE BY
APRIL 10, 2020
    * KLX ENERGY - IN ADDITION, HAS INSTITUTED A WIDESPREAD WAGE
REDUCTION PROGRAM
    * KLX ENERGY - IMPACT OF TODAY'S COST REDUCTION MEASURES IS
ABOUT
$23 MILLION ANNUALIZED REDUCTION IN COSTS ON TOP OF ABOUT $45
MILLION ANNUALIZED REDUCTION
    * KLX ENERGY - MAINTAINS UNDRAWN $100 MILLION CREDIT
FACILITY WITH
CURRENT AVAILABILITY OF APPROXIMATELY $60 MILLION AND NO DEBT
MATURITIES UNTIL NOVEMBER 2025

Source text: https://bit.ly/2JPfgwZ
Further company coverage:  KLXE.O 

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