Ballard lays off 85 employees at its Burnaby, BC and Lowell, MA locations
VANCOUVER– Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) today announced an organizational restructuring, resulting in the elimination of 85 positions at its Burnaby, BC and Lowell, MA locations, representing approximately 20% of its workforce.
This restructuring narrows Ballard’s research and product development programs to focus on commercial priorities and also reduces the company’s administrative support and overhead positions.
John Sheridan, President and CEO said that “while this was a difficult decision given the people implications, this move to a leaner, lower cost organizational structure, is a key step in Ballard’s drive to profitability.”
A third quarter charge of approximately $4 million will be recorded for related severance and restructuring costs, which is expected to be offset by savings in 2009. On a full year basis, these organizational changes will result in cost savings of approximately $10 million annually.
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world leader in the design, development, manufacture and sale of clean energy fuel cell products. Ballard’s mission is to accelerate fuel cell product adoption. To learn more about what Ballard is doing with Power to Change the World(R), visit www.ballard.com.
