135 layoffs at Advance Engineered Products in Regina
April 14, 2015 by Manufacturing AUTOMATION
Apr. 14, 2015 – Advance Engineered Products, a tanker truck manufacturer, laid off about 135 employees yesterday in Regina, Sask., after the company filed for creditor protection.
Hugh Wagner, president of the Grain Services Union, said the layoffs stem from the company’s application for creditor protection last Friday.
CEO Darryll Zwarych said in a release that the downturn in the energy market in Western Canada resulted in customers cancelling or deferring sales orders which reduced its manufacturing backlog.
He added creditor protection process would give the company the opportunity to “restructure its financial obligations” and “right-size its operations to reflect the current reality of the energy sector.”
— With files from The Canadian Press