Covia Announces Actions In Response To COVID-19 Pandemic And Disruptions In The Global Oil And Gas Markets
- Developed and implemented a series of guidelines and practices to improve safe operating procedures throughout the organization to mitigate the spread of COVID-19.
- Eliminated non-essential travel and facilitated work from home arrangements.
- Reduced active Energy capacity by nearly 30% or 6 million tons annually, including the idling of the Utica, Illinois and Kermit, Texas facilities and de-rating capacity at several other facilities.
- Implemented staffing reductions and other initiatives to reduce overhead expenses by approximately $25 million compared to 2019.
- Reduced the expected 2020 capital expenditure program approximately 50% compared to 2019.
- Closed on a new 3-year credit facility with availability up to $75 million secured by certain of the Company’s accounts receivables.
Source: http://ir.coviacorp.com/investor-news/press-release-details/2020/Covia-Announces-Actions-In-Response-To-COVID-19-Pandemic-And-Disruptions-In-The-Global-Oil-And-Gas-Markets/default.aspx
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