Ionics Announces Restructuring Program

Ionics, Inc., has announced it will begin a restructuring program intended to improve financial performance through a realignment of its management structure, a reduction in personnel, and the consolidation of certain of its operations.

The program will result in the elimination of about 200 positions, or 10 percent of the company's worldwide workforce. Ionics believes that these actions, which it anticipates will be taken over the next six months, should result in an approximate annual savings of $15 million. The company also anticipates improved margins resulting from the consolidation of its manufacturing and purchasing functions.

Ionics is planning to conduct a conference call prior to the end of the month to discuss in detail its restructuring actions, including the implementation timetable, costs, and anticipated savings.

Ionics is a global separations technology company involved in the manufacture and sale of membranes, equipment and own and operate services for the purification, disinfection, concentration, treatment and analysis of water, wastewater and ultrapure water.

Source: Ionics, Inc.