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This restructuring is intended to narrow Ballard's research and product development programs to focus on commercial priorities, and also reduce the company's administrative support and overhead positions.
The company's president/CEO, John Sheridan, says that 'while this was a difficult decision given the people implications, this move to a leaner, lower-cost organizational structure is a key step in Ballard's drive to profitability.'
A third-quarter charge of approximately US$4 million will be recorded for related severance and restructuring costs, which is expected to be offset by savings in 2009. On a full-year basis, these organizational changes are expected to result in annual cost savings of approximately $10 million.
Earlier this year Ballard eliminated 39 positions in a cost-cutting move, which was attributed to shifting to a two-segment market focus on stationary power and motive power products [FCB, June 2009].
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