Hills Holdings Limited
(ASX:HIL) says it will commence a wide-ranging cost-cutting program that will include job cuts and business closures.
The troubled electronics and building products maker detailed a $110 million effort to restructure the company at its annual meeting yesterday.
Hills says up to 300 job losses are expected, mostly from its struggling steel division Orrcon.
Hills expects the changes to collect savings of about $10-$15 million in the second half of this year and another $30-$40 million in the following financial year, subject to market conditions.
No dividends will be paid for the first half of the financial year.
Hills holdings posted an annual net profit of $28.8 million in the 2012 financial year.
