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ADS Announces Restructuring Plan

  • Friday, 9th February 2001
  • Reading time: about 2 minutes

The company ADS Inc. today announced a restructuring plan that should permit the company to increase its productivity and quickly regain an adequate level of profitability. This with the tools required to successfully pursue its development strategy. In particular, the restructuring program will close a factory within its TM Composites Division located in Thetford Mines, Quebec, where it employs 117 workers. Production will be transferred to its factories in Terrebonne and Sainte-Clotilde-de-Beauce. About 70 additional jobs will be created at these two sites.”This restructuring plan will enable the Company to adjust to the evolution of the market, to increase its efficiency and, thus, improve its competitive position,” stated Mr. Paul Drouin, Chairman of the Board and Chief Executive Officer of ADS Inc. “By operating at 85% or more of their production capacity, our factories will be used in an optimal manner. With this restructuring, we are confident that the company will enjoy solid, lasting and profitable growth.” “We are greatly saddened for those who are losing their jobs as a result of this restructuring. We sincerely thank them for their precious contribution to the Company. If we could have avoided these layoffs, we would have done so,” added Mr. Drouin. Fair and equitable employment termination conditions will be offered to the affected employees. Headquartered and based in Quebec, ADS is a company that is primarily involved in the manufacturing sector by means of its subsidiaries working in the fields of technical textiles and composite materials

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