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AGJUNCTION ANNOUNCES FACILITIES CONSOLIDATION, REDUCTION IN WORKFORCE
Apr. 11, 2019
Source: AgJunction news release
AgJunction Inc. (TSX: AJX), the Autosteering Company, announced today the future closing of its facilities in Fremont, California and Brisbane, Australia, along with related reductions in workforce, as the company continues its consolidation strategy into the existing corporate headquarters in Scottsdale, Arizona.
AgJunction continues to focus on its core strategy to grow the market for autosteering while improving its own operational efficiency. The company plans to close its Brisbane and Fremont facilities resulting in an approximate 25% reduction in workforce by year end. Affected employees are being offered severance and outplacement assistance.
"As we continue to focus on our strategic capabilities and building both our library of intellectual property and the revenue it generates, we are equally focused on aligning our operating expenses with our desire to produce long-term profitability for our shareholders," said Dave Vaughn, AgJunction's president and CEO.
"These combined efforts follow the strategy we implemented last year to expand autosteering to all farmers by simplifying our solutions and our channels to market. I want to express my appreciation to all of our employees and their commitment to AgJunction and our customers as we continue to execute on our strategy," said Vaughn.
AgJunction expects the consolidation of facilities and reduction in workforce to result in an approximate 11% decrease in operating expenses once fully implemented.
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