Atlantic Power To Relocate Headquarters As Part Of Cost Reduction Efforts

(RTTNews) - Atlantic Power Corp. (AT, ATP.TO) announced the relocation of its headquarters from the Financial District in Boston to Dedham, Massachusetts as part of its ongoing efforts to reduce corporate and other overhead costs. The relocation will occur later this month.

As part of the cost reduction efforts, the company said the relocation will result in a reduction in annual rental expense for its headquarters of nearly 50 percent.

The company is also in the process of closing its offices in Seattle, Portland and outside of Chicago. In addition, the company will be reducing the size of its Toronto office.

Further, the company will reduce corporate staff by 25 percent, including staff associated with its wind assets, which are being sold.

The company also now expects that total corporate general and administrative expense of $38 million in 2015 will be reduced to $28 million in 2016 as a result of these and other cost reduction efforts.