07 May 2013 13:52 [Source: ICIS news]
HOUSTON (ICIS)--Cereplast is restructuring its global operations in order to cut costs, the US-based bioplastics firm said on Tuesday.
The restructuring will include relocating Cereplast’s headquarters from El Segundo, California, to Seymour, Indiana.
In addition, Cereplast will close its office in Bonen, Germany, moving its European headquarters to Milan, Italy, it said.
Cereplast said the changes will become effective by the end of the month. The measures are expected to reduce annual operating expenses by up to $800,000 (€608,000), it added.
"After a thorough analysis, we determined that it would be prudent to consolidate our operations under one roof in the US and under one roof in Europe," said CEO Frederic Scheer.
"The global economy has fundamentally changed and we are quickly adapting our market approach and operations to maintain and build upon our competitive advantage," Scheer said.
"We continue to be optimistic about the revenue potential for the remainder of 2013, which will be derived primarily from Europe and the US," he added.
($1 = €0.76)
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