Polarcus further improves its cost position with the announcement of additional headcount reductions and changes to the executive management team. The expanded cost reductions are part of a longer term plan which will continue to improve competitiveness while maintaining exceptional operational performance and sustaining positive operational cash flow.

The plan provides the Company with a business model to withstand a prolonged difficult market as well as to take advantage of opportunities in this volatile environment.

As part of the comprehensive cost management program implemented at the end of 2014, personnel reductions now total 26%.

Tags: Polarcus Limited