Restructuring and cutting

Reeling under heavy debt, Allen-Vanguard Inc. Allen%20Vanguard.jpgprepares to slash jobs and exercise austerity measures meant to save money. Earlier this month, the threat countermeasures company said it might miss a $10-million dollar payment, causing stock to plummet. Now Allen-Vanguard says it is cutting its workforce of 660 by more than 100 people, a move which will save $6.5 million annually, though it will initially result in a $4.6 million restructuring charge in this year’s Q4.”The overall objective of our restructuring plan is to rebuild our base of operating earnings from our diversified, high-quality portfolio of products and services ... and achieve a rapid and permanent reduction in our operating cost base,” says president and CEO David Luxton.

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