Building products maker Boral is cutting 700 jobs as part of a company-wide restructure aimed at reducing costs and increasing its competitiveness.
The company says it will make 700 redundancies from all levels of its business - from executive level down to its manufacturing businesses.
"The restructure I am announcing today will transform the group into an organisation that is more responsive to the realities of a cyclical marketplace and one that remains competitive not just during the cycle highs but when conditions are challenging, as they have been for the past few years," chief executive Mike Kane said in a statement.
The Australian job losses equates to just over eight per cent of Boral's local workforce.
Of the 700 redundancies, 200 have already occurred, and the remainder are expected to be completed by March.
Other recently announced moves to outsource production take Boral's total job cuts in the 2012/13 financial year to 1000, from a global workforce of 14,740, as of June 30, 2012.
Boral expects the redundancies to cost it $60 million in 2012/13, but to give it annual cost savings of $90 million once the changes are implemented.
Boral makes building products for homes such as bricks, roof tiles and doors, as well as materials for larger construction projects, such as concrete and stone.
It has been under financial pressure due to a prolonged slump in housing construction and delays to major construction projects.
Boral's earnings in its Australian operations in the 2011/12 financial year were down 29 per cent from the previous year.
Mr Kane was appointed its chief executive in September 2012, after working as its president in the United States for more than two years.
Boral removed its previous chief executive, Mark Selway, in May 2012 after he lost the support of the board. Ross Batstone led company until Mr Kane was appointed.
The restructure comes after a 100-day review of the business by Mr Kane.
It also includes the removal of several senior executives, including the managing director of its cement business Mike Beardsell and building products managing director Bryan Tisher.