AERT, Inc. (AERT), a manufacturer of composite building materials, announced on Thursday that it would cut its workforce by 5 percent. The company further noted that it would implement a process re-engineering plan, which is expected to result in an estimated savings of $4 million a year.
The re-engineering plan calls for better manufacturing efficiency, reduction in expenses and increase in cash flow. This is proposed to be achieved through identifying savings in labor, equipment, and support contracts while utilizing the company's resources on sales, R&D, operations and customer service.
According to AERT President Tim Morrison, the refined business model will focus on renovation, remodeling, export, and recycling markets that will create more value for customers and shareholders. This re-engineering plan follows the restructuring actions at the Texas and Louisiana facilities.
AERT closed Thursday's trading at $0.57 unchanged on a volume of nearly 38 thousand shares.
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