Sigma Industries Inc. (TSX Venture Exchange: SIC), a leading composite and metal products manufacturer, announces today various restructuring measures.
Firstly, the Company announces the departure of François Chevarie, Vice-President, Operations, and of Eric Martin, Vice-President, Sales and Engineering.
The engineering director of the Company's subsidiary René Composites Materials Ltd. will also be leaving his duties. Secondly, the Company also laid off, in recent days, approximately 10% of its employees across all its subsidiaries.
"We regret the impact of these measures for our employees and their families, but they will enable production rates to better reflect difficult market conditions in the heavy-duty truck industry caused by the global financial and economic crisis. We also wish François and Eric all the best in their future endeavours," said Denis Bertrand, President and Chief Executive Officer. -- www.cnxmarketlink.com
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