Battery recycling group reveals cost-cutting plan
A cost-cutting plan has been launched by a company which has a subsidiary in the West Midlands.
Listed UK company Technology Minerals, which includes subsidiary Recyclus Group, has announced a cost reduction programme after reviewing operations and will cut jobs across its workforce.
Technology Minerals, a battery metal recycling firm, said it planned to carry out a cost reduction programme 'to enhance efficiencies throughout the business and focus on the company's key assets' including its 48.35 per cent held associate, Recyclus Group.
The Company has undertaken a review of operations and is implementing cost reduction measures across the business including a redundancy programme to reduce its total workforce, a reduction in head office costs, and an ongoing review of all service providers.
As part of the cost reduction programme, Philip Beard has agreed to step down as an Independent Non-Executive Director and as Chairman of the Remuneration Committee with immediate effect.
Robin Brundle, Chairman of Technology Minerals, said: "These cost reduction measures have been identified as part of the Board's efforts to increase efficiencies and drive productivity throughout every level of the business. On behalf of the Board, I'd like to extend our thanks and appreciation to Phil for his contribution to the Company. We are grateful for all the strategic guidance Phil has provided to Technology Minerals and wish him the best in his future endeavours."
