Azure Dynamics Corporation, a developer of hybrid electric and electric powertrains for commercial vehicles today announced that the Head Office in Toronto as well as the UK Kenilworth office and service centre will be closed.
A new corporate head office will be opened in the heartland of the North American automotive industry.
Scott Harrison, Azure’s Chief Executive Officer said, “The scope of our work with Ford as well as other leaders in the automotive sector makes the establishment of the head office in the Detroit/Windsor area, or possibly Ohio, a natural next step for Azure. In addition, these practical moves are expected to provide cost savings in excess of $1.6 million annually.
“The cost savings are related to both fixed costs for facilities and people, as well as in variable costs, such as travel.
“We will be resolving very quickly, what financial incentives might be available to Azure before finalizing our location, as many jurisdictions view the high-tech nature of the hybrid business as the key to the future of the automotive business.”
Mr. Harrison went on to say, “It has become clear that North America is leading the world in hybrid electric vehicle adoption. While there is great future promise in Europe and Asia, for efficiencies sake, we want to develop those markets on the back of our North American sales volumes.
“By concentrating on a successful launch of our Ford E 350 and E 450 hybrid business and on specific large supply agreements, such as the electric powertrains to Mexico, we can start to build the economies of scale that will ensure we are in a very competitive position for the rest of the world markets.”
Azure Dynamics Corporation is involved in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles.
Azure is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with various partners and customers.
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