CSR Limited will cut 150 jobs from its Viridian glass business as impact from the high Australian dollar and low construction activity take their toll.
The building products company will close a glass manufacturing facility and merge two others in Sydney, Australia.
Managing Director Rob Sindel said the major restructure of its Viridian glass operations reflect the reality of the market and will improve the short-term performance of the business, positioning it to compete successfully in the future.
CSR says the high dollar has forced down prices for its products and made it cheaper to import materials, and has downgraded its fiscal year profit forecast to between $30 and $34 million.
The redundancies, closures and merger are expected to cost the company about $34 million however will deliver $27 million to earnings annually from 2015.
CSR delivered a net profit of $17.5 million in the first half of its 2013 financial year.