SmarTire Announces Restructuring and UK Closure
SmarTire Systems Inc. has given details of restructuring plans that involve the closure of its UK operations. Company president and CEO Dave Warkentin announced, “We have taken significant actions to reduce costs. Since September, our overall staff level has been reduced by approximately 50%. As part of this initiative, we plan to close our UK facility at the end of February, 2007. We do not anticipate that this closure will affect our European sales efforts.”