Approximately 110 redundancies have come into effect after CSR, one of the leading building products company in Australia and New Zealand, has announced a restructure of its Viridian glass business.

The company is expected to generate a loss before interest and tax (pre-significant items), in the range of $6-8 million for the six months to 30th September 2011, which it attributes to the deterioration in commercial and residential construction, as well as the record appreciation of the Australian dollar.

In response to these challenges, Viridian will restructure its float glass and bulk laminate manufacturing operations; a process which will be completed over the remainder of this financial year.

The restructure is estimated to cost $22 million, including approximately $12 million in capital and $10 million in other restructuring costs (including redundancies). It is estimated that the restructure will deliver around $10 million in ongoing annualised savings.