Hydrogenics Corp. to cut 50 jobs and take $3M charge in Q4
Hydrogenics Corp. (Nasdaq: HYGS) said this morning that it will cut 50 positions and take a charge of $3 million as a result in the fourth quarter.
The Canadian developer and provider of hydrogen and fuel cell products and services said the 50 positions will be concentrated in the administrative and operational areas to streamline operations and reduce costs.
The company said as a result of its streamlining initiatives it anticipates incurring a charge in the fourth quarter of approximately $3 million, or $0.03 per share, but noted that the cost cutting should result in $5.2 million of annualized cash savings by the third quarter of 2008.
Shares of Hydrogenics (HYGS) were halted in pre-market trading.
