Avcorp Industries Inc. (TSX: AVP) has issued 60-day WARN notifications as part of a restructuring initiative at its Gardena, California facility that will result in a workforce reduction of 75 permanent employees by December 31, 2016, the company said.
This reduction is in addition to exiting 180 temporary workers during the last 90 days, which were added this year to support customers´ requirements arising from legacy product issues. The restructuring will result in significant annual cost savings for the Company, net of anticipated severance costs of approximately USD260,000.
The Avcorp Group designs and builds airframe structures for aircraft companies, including BAE Systems, Boeing, Bombardier, Fuji Heavy Industries and Lockheed Martin. The Avcorp Group offers integrated composite and metallic aircraft structures to aircraft manufacturers.