Ballard Restructuring Streamlines Cost Base
07 August 2009 - 6:00AM
PR Newswire (US)
VANCOUVER, Aug. 6 /PRNewswire-FirstCall/ -- 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 http://www.ballard.com/. This release contains
forward-looking statements, including estimated future expenses and
cost savings contained in our outlook, which are provided to enable
external stakeholders to understand our expectations as at the date
of this release and may not be appropriate for other purposes.
These forward-looking statements are based on the beliefs and
assumptions of Ballard's management and reflect Ballard's current
expectations as contemplated under section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Such assumptions relate to Ballard's
financial forecasts and expectations regarding its product
development efforts, manufacturing capacity, and market demand, and
include matters such as generating new sales, producing, delivering
and selling the expected number of units, and controlling its
costs. These statements involve risks and uncertainties that may
cause Ballard's actual results to be materially different,
including, without limitation, the rate of mass adoption of its
products, product development delays, changing environmental
regulations, its ability to attract and retain business partners
and customers, its access to funding, increased competition, its
ability to protect its intellectual property, changes in its
customers' requirements, foreign exchange impacts on its net
monetary assets and its ability to provide the capital required for
product development, operations and marketing. For a detailed
discussion of these risk factors and other risk factors that could
affect Ballard's future performance, please refer to Ballard's most
recent Annual Information Form. Readers should not place undue
reliance on Ballard's forward-looking statements and Ballard
assumes no obligation to update or release any revisions to these
forward looking statements, other than as required under applicable
legislation. DATASOURCE: Ballard Power Systems Inc. CONTACT: or to
arrange an interview with a Ballard spokesperson, please contact
Media Relations at telephone number (604) 453-3804 or on e-mail
Copyright