BORAL has announced 700 job cuts to its Australian workforce, raising fears over future employment at its quarries and cement plants around Toowoomba.
The ASX-listed company announced the redundancies in a media statement this morning but details of where the jobs will come from have not been made public.
Prominent Toowoomba company Wagners sold its concrete division to Boral in 2011 for $173 million, consisting of high-quality quarries, 12 concrete plants, transport operations and a 60 per cent share in a fly-ash joint venture.
The change of hands included transferring 275 Wagners employees to Boral's stewardship, meaning no jobs were lost in the take-over.
Boral chief executive officer and managing director Mike Kane said the job cuts would save the company $90 million a year and $37 million this financial year.
"My 100-day review of the business highlighted the need to make some tough decisions," he said.
"This is a great company, with a great history and great potential.
"However, over time, it has become burdened with excessive overhead costs.
"While this may be less obvious during the good times, it becomes critically exposed when times are tough."
Of the 700 redundancies, more than 200 have already been made late last year.
The majority are expected to be completed by March.
Boral Cement divisional managing director Mike Beardsell is set to leave the company at the end of the month.
The company plans to close its clinker manufacturing facility at its Waurn Ponds cement plant in Victoria, leaving a "smaller, more focused cement business", which could be good news for staff in Toowoomba.