Boral Limited
(ASX:BLD) has announced restructuring initiatives, including the removal of 700 employees in Australia.
Boral says the staff reductions will result in benefits of approximately $90 million annually, with $37 million of estimated savings set to be delivered in the current financial year.
CEO Mike Kane says the restructure will transform Boral Group into an organisation more responsive to the realities of a cyclical marketplace.
Mr Kane said the job losses would occur at the executive level, in the corporate office, divisional offices and in the businesses.
The majority of redundancies are expected to be completed by March this year.
Boral generated a net profit of 177.7 million in the 2012 financial year.
