TORONTO - Sherritt International Inc. (TSX:S) says it's cutting the size of its head office workforce by 25 per cent and preparing to sell the building as part of a previously announce cost-cutting plan.
The Toronto-based company also says that the restructuring will reduced the overall salaried workforce by about 10 per cent, without making cuts at a key nickel operation in Madagascar.
Sherritt didn't announce how many employees would be affected by the downsizing but says it's aiming to reduce costs by about $10 million a year.
The restructuring was disclosed in Sherritt's third-quarter financial report.
Sherritt said it's continuing operations had a net loss of $51.3 million 17 cents per share from a small profit a year earlier.
The company has a diverse resource operations in several countries, including the Ambatovy nickel and cobalt mine in Madagascar and the Moa nickel and cobalt mining and refining operation in Cuba.
