AirBoss unveils cost-saving measures in ‘defence unit’

Newmarket, Ontario - AirBoss of America Corp. has launched a series of cost-cutting measures in a bid to improve the long-term performance of its Airboss Defense Group (ADG) division .

The measures, which include reduction of the workforce, are intended to streamline the business segment’s operations, said a 27 July Airboss statement.

As part of the programme, Airboss will “closely review” operating practices, and structure ADG to return to profitability, as it awaits new contract awards.

The move, said the Canadian group, follows a series of acquisitions and reduced business activity from continued delays in expected contract awards.

Once fully implemented, the measures are expected to result in $5 million (€4.5 million) in annual cost reductions.

“Over the past two and a half years, ADG has undergone substantial change,” explained president and co-CEO Chris Bitsakakis.

The changes, said Bitsakakis, are the result of acquisitions within the business and “significant swings” in the unit’s underlying business activity.

“We expect substantial cost efficiencies going forward, while our ability to pursue and capture growth opportunities remains fully intact,” he added.