Roctest Ltd., a high-tech sensor manufacturer located in Longueuil, Quebec, Canada, is cutting 20 jobs, including seven executives, as part of a restructuring aimed at cutting costs by more than CAD $1 million a year.
The company announced the cuts this week as part of a strategic plan developed throughout several months to reverse losses and return to profitability.
"This plan gives Roctest a clear direction and the precise means to carry out its development and improve its financial performance," president and CEO Alain Ouzilleau said in a written statement. "This restructuring affects, all at the same time, our vision, our structure, our operational processes and our commercial development strategy. Our technological development efforts are aimed at designing new products that stand out from the competition and bring strong added value to our clients."
The company, which has plants in Canada and France, has more than 130 employees.
Roctest makes and sells sensors and fiber-optic measuring instruments to the civil engineering industry as well as the energy, medical, military, and aerospace sectors.
While Roctest had 2002 revenues of $21 million and generated a net profit of $975,000, the company has lost $560,189 in the first 9 months of this year. Revenue during that 9-month period dropped to $13.5 million from $14.8 million.
The restructuring plan will include a "unified management team" for Roctest’s various divisions. The total number of executive positions at Roctest has been cut from 17 to 10. (Canadian Press)
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