NutraCea Announces Reduction in Workforce in U.S. Operations
The reduction, which is anticipated to save NutraCea approximately $1 million annually, does not impact the workforce at Irgovel, NutraCea's Brazilian subsidiary.
19 Jan 2010 --- NutraCea (NTRZ), a world leader in stabilized rice bran (SRB) nutrient research and technology, announced a 17% reduction in its U.S. workforce as part of management's continuing efforts to improve the company's cost structure. The reduction, which is anticipated to save NutraCea approximately $1 million annually, does not impact the workforce at Irgovel, NutraCea's Brazilian subsidiary.
W. John Short, Chairman & CEO of NutraCea, said "We deeply regret having to make this difficult but necessary decision as we continue to restructure the Company. Our goal continues to be to reduce costs and increase profitable sales in an effort to enhance our liquidity and become cash flow positive in the second half of 2010." Short added "I want to thank the employees affected by this reduction for their dedication and efforts on behalf of NutraCea and wish them the best in their future endeavors."
On November 10, 2009 NutraCea filed for court supervised protection to restructure its operation under Chapter 11 of the US Bankruptcy Code.
