Ridley Corporation Limited (ASX: RIC), a producer of animal nutrients, announced that it will implement a new organisational structure and further mill rationalisation with implications for Ridley’s FY20 results.
- The RIC Board approved an internal restructure plan which will result in a significant reduction in staffing levels;
- A leaner, flatter and simplified reporting structure has been proposed, to eliminate ~$5 million of annualised costs from the organisation;
- The total cost of restructure in FY20 is ~$3 million.
At AEST 1:07PM, the stock was trading at $1.16 per share.