Ag Junction, producer of farm equipment brands Outback and Satloc, and formerly Calgary based when it was Hemisphere GPS, is reducing its workforce by one fifth in the wake of further industry consolidation that has recently seen it paired with California based Novariant.
The company reduced its staff by 100, from about 270, in early 2014 when it made the physical move from Alberta to Kansas, shortly after its name change and restructuring.
Last spring it acquired agricultural OEM guidance provider Novariant in a share merger that put about 15 percent of the company’s shares, traded on the Toronto Stock Exchange as AJX, into the hands of venture capital firm Investor Growth Capital. Another 15 percent rests with other insiders such as staff and board directors.
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At the time that merger was announced the combined company had about 200 staff according to corporate filings. Further staff reductions took place as a result, to about 185, and that is the number being reduced in the new year. Consolidation of the business will result in about a $3.3 million savings to the operation, which will maintain brands, Outback, Satloc and Novariant. In a news release, the company says it will maintain corporate offices in Kansas.
