Velan Inc. Provides Update of Velocity 2020 Transformation Plan
January 11, 2019 at 03:30 am IST
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Velan Inc. announced measures aimed at improving its operational efficiency and optimizing its manufacturing footprint in North America. As part of the Company’s optimization and specialization efforts in North America, Velan will consolidate its valve manufacturing facilities in Quebec (Canada) from three plants into two. The completion of the consolidation is scheduled for the end of 2020 or the beginning of 2021, allowing for reasonable time for a proper transition. The current production will be integrated into the Company's other valve facilities in Quebec and India, which will be focused on the production of specific valve lines to improve delivery and supply chain efficiency. The Company will work with the Union to minimize the impact on its employees and help those who will be impacted by this closure. The Company’s objective is to minimize the impact of the layoffs taking into account attrition and retirements. The other employees will be provided with severance and outplacement support and some may be offered the possibility of transferring to other Velan locations. This decision is part of the Company's continual analysis of its overall activities. Recently, Velan reorganized into strategic business units, allowing the Company to significantly reinforce its market positioning, better serve its customers, and drive growth. This is in line with work over recent years, under the umbrella of its strategy, Velocity 2020, to pursue additional efficiencies, decrease costs, and upgrade its systems while strengthening its market presence, improving its on time delivery and maintaining its reputation for high-quality industrial valves.
Velan Inc. is a Canada-based manufacturers of industrial valves. The Company designs, manufactures and markets a range of industrial valves for use in industry applications, including power generation, oil and gas, refining and petrochemicals, chemicals, liquid natural gas and cryogenics, pulp and paper, geothermal processes and shipbuilding. Its products include Quarter-turn valves, Gate, globe, and check valves, Cryogenic valves, HF Acid valves, Steam traps, Bellows seal valves and Velan ABV Valves. Its services include research and development, maintenance manuals (IOMs), spare parts and service locations. The North American operations comprising two manufacturing plants in Canada, as well as one manufacturing plant and one distribution facility in the United States. Its overseas operations include manufacturing plants in France, Italy, Portugal, Korea, Taiwan, India, and China. The Companyâs operations also include a sales operation in Germany.