Stuart Energy Cuts Jobs/Offices After Acquisition

March 13, 2003 by Jeff Shepard

Stuart Energy Systems Corp. (Toronto, Canada) announced that it is cutting about 70 jobs and closing down two offices following its acquisition of Vandenborre Technologies (Belgium), a maker of pressurized hydrogen generation systems. Stuart Energy announced plans to immediately close offices in Montreal and Trois-Rivieres, Quebec, and reduce operations at its Shawinigan, Quebec, plant. The company also announced plans to move all assembly and manufacturing to its headquarters in. The job cuts will hit all segments, including administration, operations and engineering.

Besides cutting one-quarter of its work force, the company has consolidated its product and technology development programs. Company officials said it will make its organization more efficient by combining its power, transportation and industrial market groups in a regional sales structure, as it pushes its hydrogen energy station products in North America, Europe and Asia.