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Boral cuts 700 jobs
4BC News: Shares in building products maker Boral have hit an 18-month high after the company announced 700 job cuts as part of a company-wide restructure.
Boral will make 700 redundancies from all levels of its business - from executive level down to its manufacturing businesses - a move it expects to save $90 million a year.
Chief executive Mike Kane said on Wednesday it was time "to make some tough decisions" to increase the company's competitiveness in challenging times.
"This is a great company, with a great history and great potential," he said in a statement.
"However, over time, it has become burdened with excessive overhead costs.
"While this may be less obvious during the good times, it becomes critically exposed when times are tough."
Boral shares were up 22 cents, or 5.05 per cent, at $4.58 at 1013 AEDT, their highest level since June 2011.
The Australian job cuts equate to just over eight per cent of Boral's local workforce.
Of the 700 redundancies, 200 have already occurred, and the remainder are expected to be completed by March.
Other recently announced moves to outsource production take Boral's total job cuts in the 2012/13 financial year to 1,000.
Boral says it expects redundancies to cost it $60 million in the 2012/13 financial year.
The company makes building products for homes such as bricks, roof tiles and doors, as well as materials for larger construction projects, such as concrete and stone.
It has been under financial pressure due to a prolonged slump in housing construction and delays to major construction projects.
Boral's earnings in its Australian operations in the 2011/12 financial year were down 29 per cent from the previous year.
The restructure comes after Mr Kane's 100-day review of Boral, which he began soon after his appointment in September 2012.
It also includes the removal of several senior executives, including the managing director of its cement business Mike Beardsell and building products managing director Bryan Tisher.
Mick and Jackie, remember Bob Lords look on life is that he could not really care about the rights and wrongs of it all.CRY FREEDOM Wednesday 16 January, 2013 - 9:43 PM
Wow, a cynic may think that it's a 'pearler' of a way to advance the share price.roger Wednesday 16 January, 2013 - 8:24 PM
The jobs are falling off 700 here a thousand there on and on it goes. You are correct Jackie these other two whackos have to try and defenend the lies and deception they will say anything.mick Wednesday 16 January, 2013 - 4:58 PM
Oh James W
Another one that always "knows" someone.Bob Lord Wednesday 16 January, 2013 - 3:32 PM
That's what you think, they will be queing to get what they can while they can..I have an insider that knows a lot more than you do so seen it first hand james/bobJackie Wednesday 16 January, 2013 - 2:09 PM
Jackie, these people are being paid to leave. No unemployment benefits for them.James W Wednesday 16 January, 2013 - 1:20 PM