BORAL Limited yesterday announced it would slash 700 jobs by March, blaming the property downturn and the need to lower costs for the restructure.
While it remains unclear at this time how many jobs may be cut from the Clarence Valley, in a statement to the stock exchange Boral said it would make redundancies from all levels of the business across Australia.
"Regrettably, the changes will mean job losses at the executive level, in the corporate office, in divisional offices and in the businesses," said CEO and managing director Mike Kane.
"Customer service will not be impacted by the restructure, with the changes focusing on back office, managerial positions and support activities."
Of the 700 redundancies announced, 200 have already occurred in late 2012, with the majority expected to be completed by March 2013.
Combined with previously announced moves to outsource parts of the business and sell non-core assets, Boral will have cut staff numbers across its businesses by more than 2400 in the year to June 30.
All affected employees will receive redundancy payments.
Despite several attempts, The Daily Examiner has not been able to confirm local job losses.
Boral is Australia's largest building and construction materials supplier and operates in the Clarence Valley from bases in Yamba, Maclean and Grafton.