ENERGY: PBMR Restructuring
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As a result of the cash-flow position of South Africa’s Pebble Bed Modular Reactor (Pty) Ltd (PBMR), the Board of Directors are contemplating a large-scale restructuring of the company in an attempt to reduce costs and extend the operational life of the company.
This will potentially involve a significant reduction of approximately 75% of the employee complement, which currently comprises more than 800 people.
The decision is informed primarily by the recognition that the resources available to the company will not sustain the current cost structure. The restructuring process will be facilitated by a representative of the Commission for Conciliation, Mediation and Arbitration (CCMA).
The near- and medium-term future of the company depends largely on the outcome of discussions with existing and future investors/stakeholders to determine their conditions for further investments.
The PBMR Board is committed to a fair and transparent process that is respectful of the commitment and achievements of all PBMR employees. All efforts will therefore be made to identify opportunities for PBMR employees who are displaced. Management is in discussions with industry players to assess their ability to employ affected people.
Business News Sector Tags: Management| Energy|