Moldmaker Reko to close 7 plants, cut 65 jobs in restructuring
Canadian Plastics
Moldmaking Plastics Processes Moldmaking: OtherOntario mold, tool and die-maker Reko International Group Inc. is closing seven small plants and cutting 65 jobs as part of a corporate restructuring that will trim annual labour costs by $3.5 million and fixed costs by $4 million.
Ontario mold, tool and die-maker Reko International Group Inc. is closing seven small plants and cutting 65 jobs as part of a corporate restructuring that will trim annual labour costs by $3.5 million and fixed costs by $4 million.
The company said it will close plants in Oldcastle, Ont, and reduce manufacturing and machining capacity, sell excess land and shift production among remaining plants.
The company expects to complete the transformation by the end of July 2011.
“These initiatives mark a major and necessary transformation in our business,” said Diane St. John, CEO of Reko International. “Our goal is to create a business that is more strategically focused and better suited to today’s business environment. The changing landscape in the automotive market we serve required that we evaluate our operations and adapt our cost structure to market conditions.”
Founded in 1976, Reko provides high precision machining of very large parts, as well as tooling and automated technology for the transportation, energy, automotive, aerospace and consumer product sectors.
