Boart looks for more cost savings
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SYDNEY, Dec 21 AAP
December 21 2012, 10:37AM
Mining services company Boart Longyear says it will continue to look for cost savings after implementing cuts that resulted in 2,500 job losses.
The company said in November it would reduce its overheard costs by $US70 million, or 20 per cent, in response to falling earnings.
Since the middle of 2012, about 2,500 employees around the world have been cut, Boart said on Friday.
The company has also shifted its manufacturing operations from Perth to Poland and other overseas locations.
"While we have completed our stated cost saving initiative, we continue to review opportunities to further rationalise our overhead cost structure," interim chief executive David McLemore said in a statement.
The company remains on track to meet its full year earnings guidance, he said, which was cut in November to a range of $US310 million to $US320 million ($296.98 million to $306.56 million).
The company carries out exploratory drilling for resource companies and also makes drilling equipment, and has been impacted by falling investment in new resources projects.