Azure Dynamics Reduces Workforce by a Quarter
January 18, 2009 by admin
Curt Huston, Azure Dynamics chief operating officer.
Azure Dynamics Corporation has announced a 25% cut in its current workforce along with cuts in all discretionary expenses and a focus on actions to offset recent component cost increases. Azure is a developer of hybrid electric and electric powertrains for commercial vehicles.
The Company also plans to focus on existing products and is actively working with its customers on potential new programs that involve sharing development costs.
Azure says that it is also taking steps to access low-cost US and Canadian government loans supporting development of more fuel efficient vehicles.
Our restructuring recognizes the realities of today’s economy and marketplace. However, we believe these steps will also allow us to deliver on our promise of tomorrow. We continue to maximize our Balance Hybrid Electric technology and now offer a shuttle bus variant in addition to the delivery truck application. We are currently addressing the telecom and utility markets with our LEEP Lift product and we expect to continue to aggressively explore opportunities in the electric vehicle sector.
—Scott Harrison, Azure CEO
Earlier this week, Azure announced a five-year supply agreement with Johnson Controls-Saft that will provide Azure with advanced lithium-ion hybrid technology battery packs for use in its commercial vehicles. The agreement will provide predictable deliveries of the packs thus eliminating previous supply concerns and enabling Azure to consistently deliver significant fuel savings and environmental benefits to its customers.
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