Australia's MyEco Group jumps on restructuring announcement

MyEco

22/04/2025 05:09

** Shares of sustainable packaging materials maker MyEco Group MCO.AX rise 11.8% to A$0.019

** Co says it will implement operational restructure initiatives, to be completed by June 2025

** Restructuring expected to deliver A$2.5 million ($1.61 million) to A$3 million reduction in fixed costs

** Fixed costs to be reduced by consolidating three manufacturing plants into one global manufacturing plant in China

** YTD, shares down 17.4%

($1 = 1.5550 Australian dollars)

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com))