Lynas Plans Job Cuts, Relocation of Headquarters

Lynas Corporation Ltd. (ASX:LYC) announced plans to cut jobs and move its headquarters to Malaysia. Those initiatives are part of the company’s efforts to “streamline its operations” and reduce costs.

CEO Amanda Lacaze said:

As I approach the end of my first month as CEO of Lynas, I am very focused on addressing those areas of our business where we have been underperforming. I have reviewed the business with the team and we have identified opportunities to improve cost, production and financial performance.

This streamlining of office locations is the first in a series of initiatives aimed at simplifying our approach and focusing on the highest value drivers in our business.

The press release also states:

Other initiatives to deliver costs savings include reducing workforce numbers (mostly by reducing contractor positions), improving asset utilisation, renegotiating supplier contracts and seeking improvements in procurement practices.

Click here to read the full Lynas Corporation Ltd. (ASX:LYC) press release.