Covia Announces Actions In Response To COVID-19 Pandemic And Disruptions In The Global Oil And Gas Markets
COVIA HOLDINGS CORP (CVIA)
Last covia holdings corp earnings: 3/10 06:00 am
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Source: GlobeNewswire
INDEPENDENCE, Ohio, April 14, 2020 (GLOBE NEWSWIRE) -- Covia (NYSE:CVIA), a leading provider of mineral-based material solutions for the Industrial and Energy markets, announced a series of actions taken recently to strengthen safety protocols, reduce capacity and lower costs. These actions have been taken in light of the challenges caused by the COVID-19 pandemic and recent dislocations in global oil markets. These actions include: Developed and implemented a series of guidelines and practices to improve safe operating procedures throughout the organization to mitigate the spread of COVID-19.Eliminated non-essential travel and facilitated work from home arrangements.Reduced active Energy capacity by nearly 30% or 6 million tons annually, including the idling of the Utica, Illinois and Kermit, Texas facilities and de-rating capacity at several other facilities.Implemented staffing reductions and other initiatives to reduce overhead expenses by approximately $25 million compared to
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