21st Dec 2015 12:00
LONDON (Alliance News) - Volex PLC Monday said it will save over USD9 million in operating costs as a result of removing the divisional chief executives of its Power and Data divisions, having determined its existing dual management structure is no longer necessary.
The power and data cabling services company said this decision, along with steps it already implemented this year, would produce the USD9 million in cost savings.
Whilst it is continuing to see "headwinds" in its business, Volex said it has identified further cost cutting opportunities at its factory level, which it plans to "vigorously pursue" in 2016.
Shares in Volex were trading flat at 55.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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