Restructuring to focus on commercial activity in material handling market

摘要

According to Plug Power Inc. CEO Andy Marsh, the company is beginning a corporate restructuring to focus and align the company on its GenDrive business. "In keeping with its primary objective to become a profitable enterprise, Plug Power is streamlining its resources and its workforce to harness commercial traction in the material handling market... In a move to optimize efficiency and growth potential in the $4 billion North American material handling market, Plug Power is consolidating all operations to its Latham, NY headquarters. In doing so, 117 positions will be eliminated in its Canada, India and U.S. facilities. As a result of the restructuring, the annual cash burn rate is expected to decrease by $12 to 15 million, providing necessary capital to help accelerate market adoption."