Stuart implements postacquisition plan to integrate Vandenborre
Toronto-based Stuart Energy Systems has implemented its integration plan in connection with its recent acquisition of Vandeborre Technologies in Belgium. The company expects the resulting benefits to include 'triple-digit sales revenue growth' and a 50% reduction in net cash burn over the next year.
The integration plan includes laying off approximately 70 people (25% of the combined workforce), a rationalization of facilities, an organizational restructuring and rationalization of the company's product and technology development program. The restructuring is a result of Stuart Energy's recent acquisition of Vandenborre Technologies, a leading designer and manufacturer of pressurized hydrogen generation systems based on advanced alkaline water electrolysis.
In Canada, Stuart Energy is closing its offices in Montréal and Trois-Rivières, Québec and reducing operations at its nearby Shawinigan facility. All North American assembly and manufacturing will be transferred to Stuart Energy's head office in Mississauga, Ontario. The company has also consolidated its product and technology development programs to accelerate commercialization of new products, reduce operating costs and minimize development risk.
The company is also combining its Power, Transportation and Industrial market groups into a leaner, more efficient organization based on a regional sales structure. The new marketing and sales function will focus on offering Stuart Energy customers an integrated, multi-use Hydrogen Energy Station (HES) product portfolio, capable of providing hydrogen for vehicles, distributed power and/or for industrial applications.
The company has also sold a Hydrogen Energy Station to Sydkraft AB of MalmΓΆ, Sweden for installation in fall 2003. The station