GLV to cut workforce, refocus water treatment business on promising markets
Montreal-based firm has about 2,200 employees in 20 countries, plans to cut 10 per cent
Montreal—Montreal-based GLV Inc., is planning to reduce its workforce by about 10 per cent as it refocuses its global operations after a string of losses.
GLV has about 2,200 employees in 20 countries, suggesting more than 200 jobs will be cut but the company didn’t say exactly where they’re based.
The main trouble spot for the company has been its Ovivo water treatment business.
GLV says mixed results at Ovivo have been partially offset by good performance at its pulp and paper group.
In its latest quarterly report, released with the restructuring announcement, GLV had a $5.5-million loss or 13 cents per share with $147.5-million of revenue.
That compared with a $4.1-million loss or nine cents per share in the year-earlier period with $150.4-million of revenue.