Boral announces 700 job cuts

Mackenzie Price/The Sydney Newsdesk

Mackenzie Price/The Sydney Newsdesk

Boral has today announced a restructuring plan that will cut 700 jobs company-wide.

The CEO and Managing Director of Boral Limited said in the companies ASX release “This is a great company, with a great history and great potential. However, over time, it has become burdened with excessive overhead costs. While this may be less obvious during the good times, it becomes critically exposed when times are tough.”

200 of the 700 redundancies have already occurred in late 2012 with the rest expected to be completed by March 2013. The redundancies include roles from manufacturing to executive roles.

Shares in Boral rose 11 cents during opening trade this morning to $4.47.