The share price of JSE-listed Bell Equipment fell by 5.65% on Wednesday morning after the heavy equipment manufacturer announced that it was planning to restructure the business to improve operating efficiencies and ensure the group’s long-term competitiveness and sustainability.
In a statement to shareholders, the group said it had embarked on a review of its cost structures to ensure alignment with revenue performance and the changing needs of the business and its customers.
Bell had also, in South Africa, started a consultation process with organised labour and other stakeholders in terms of Section 189A of the Labour Relations Act.
The group was also reviewing all non-South African group operations and similar processes would be followed in those countries where necessary.
Bell’s share price on the JSE fell to R10.85 a share, compared with Tuesday’s close of R11.50.