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Azure Dynamics announces restructuring plan

ABR Staff Writer Published 21 January 2009

Azure plans an approximate 25% reduction in its current workforce

Azure Dynamics, a developer of hybrid electric and electric powertrains for commercial vehicles, has announced a restructuring and cost reduction plan designed to address the realities of the current economy and marketplace while meeting the demand for energy efficient commercial vehicles.

The Azure plan includes an approximate 25% reduction in its current workforce along with expected reductions in all discretionary expenses and a focus on actions to offset recent component cost increases.

In addition, the company plans to further rationalise its product development efforts to focus on existing products and is actively working with its customers on potential new programmes that involve sharing of development costs.

Azure is also taking steps to enable the company to access low-cost U.S. and Canadian government loans supporting development of more fuel efficient vehicles.

Scott Harrison, Azure's CEO, said: We continue to maximise our Balance hybrid electric technology and now offer a shuttle bus variant in addition to the delivery truck application. We are currently addressing the telecom and utility markets with our LEEP Lift product and we expect to continue to aggressively explore opportunities in the electric vehicle sector.

AZD has expertise in the areas of vehicle controls software, power electronics, electric machine design, vehicle systems engineering and vehicle integration. The principal business of AZD is the supply of hybrid electric vehicle and electric vehicle control and power train systems. AZD has developed proprietary electric and hybrid electric drive technology for the light to heavy duty commercial vehicle categories.