BUSINESS

Alberta oilfield services firm Newalta laying off 180 staff to reduce costs

02/03/2015 08:24 EST | Updated 04/05/2015 05:59 EDT
CALGARY - Another Alberta-based company with ties to the oilpatch is laying off staff.

Newalta Corporation (TSX:NAL) says it is cutting 180 people from its workforce to reduce costs and improve margins.

The Calgary firm says the cuts amount to 15 per cent of its staff.

Newalta calls itself North America's leading provider of engineered environmental solutions that enable customers to reduce disposal, enhance recycling and recover valuable resources from oil and gas exploration and production wastes.

Newalta says the layoffs follow a hiring freeze imposed in December and the suspension of salary increases last month.

In December Newalta reached a deal to sell its industrial division for $300 million in cash to Birch Hill Equity Partners, a Toronto-based private equity firm.