Brief: Orbital Energy's Board Approved Management’s Recommendation For Certain Restructuring And Costs Reduction Actions

Orbital Infrastructure

03/01/2022 21:21

Jan 3 (Reuters) - Orbital Energy Group Inc  OEG.O :
    * ORBITAL ENERGY -  ON DEC 28, BOARD APPROVED MANAGEMENT’S
RECOMMENDATION FOR CERTAIN RESTRUCTURING AND COSTS REDUCTION
ACTIONS
    * ORBITAL ENERGY - RESTRUCTURING AND COSTS REDUCTION ACTIONS
INCLUDE DISPOSING OF 2 UNITS, ORBITAL GAS SYSTEMS, NORTH AMERICA
& ORBITAL GAS SYSTEMS
    * ORBITAL ENERGY - AT THIS TIME DOES NOT EXPECT TO TERMINATE
EMPLOYEES UNDER A PLAN OF TERMINATION FOR THE ORBITAL GAS
SUBSIDIARIES
    * ORBITAL ENERGY GROUP INC - EXPECT TO SELL ORBITAL UK IN Q1
OF
2022
    * ORBITAL ENERGY GROUP - WILL BEGIN ACTIVELY SOLICITING
INTERESTS
FOR ACQUISITION OF OGSNA, WHICH WE ANTICIPATE SELLING DURING
2022
    * ORBITAL ENERGY - DOES NOT BELIEVE DISPOSAL COSTS,
IMPAIRMENT
CHARGES RELATED TO DISPOSAL OF ORBITAL GAS UNITS WILL HAVE
ADVERSE EFFECT ON FINANCIAL PERFORMANCE

Source text for Eikon:  ID: 
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