Tyre pressure monitoring systems maker SmarTire has announced that it has completed its restructuring of operations and reduced its work force by approximately 25%.
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SmarTire President and CEO Dave Warkentin said, “We have taken significant actions to reduce costs. Since September, our overall staff level has been reduced by approximately 50%. As part of this initiative, we plan to close our UK facility at the end of February, 2007. We do not anticipate that this closure will affect our European sales efforts.
“In addition, we were able to reduce our engineering and product development team as we have now completed the development of our tire pressure monitoring system which meets the requirements of our major commercial vehicle customers. We continue to make aggressive efforts to grow our revenue.”
