Canada’s GLV to Cut Workforce at Ovivo Water-Treatment Business
GLV Inc. (GLV/A), a Montreal-based industrial equipment maker, said it will shed about 10 percent of its workforce at its water-treatment business in a bid to return to profit.
The restructuring of its Ovivo operations will allow GLV to target more promising markets, Chief Executive Officer Richard Verreault said in a statement. Most of the job cuts will occur in Europe, GLV said.
The company, which employs about 2,200 people, said yesterday that its fiscal first-quarter loss increased to C$5.5 million ($5.6 million) compared with a C$4.1 million loss a year earlier. The shares have fallen 49 percent this year.
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