Orbital Engine Corporation Limited has announced that it is currently consulting with employees in relation to a major restructuring which would see further staff reduction measures.
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The restructuring is designed to achieve efficiencies for the company and Orbital says that measures could be expected to incur a one-off cost saving up to $2.5m. It is hoped that reductions in staff costs, together with other cost saving initiatives, could be expected to result in annual savings of a further.
The consultation process is expected to be complete ‘within the week’.
Orbital Engine Corporation today announced an operating loss (before Texmaco provision) of $14.3 million for the six months ended 31 December 2001. Recently appointed CEO Peter Cook described those results as disappointing.
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