March 31 (Reuters) - Tervita Corp TEV.TO :
* ORATION RESPONDS TO COVID-19 PANDEMIC AND GLOBAL OIL PRICE DECLINE BY REDUCING CAPITAL SPENDING AND FIXED COSTS, AND SUSPENDING SHARE REPURCHASE PLAN
* CAPITAL BUDGET REDUCTION TO $60 MILLION FOR 2020
* FIXED COST REDUCTIONS ANNUALIZED AT $30 MILLION TO $34 MILLION
* PRESIDENT AND CHIEF EXECUTIVE OFFICER SALARY REDUCTION OF 15%
* EXECUTIVE LEADERSHIP TEAM SALARIES REDUCTION OF 10%
* CO WILL IMPLEMENT EMPLOYEE HEADCOUNT REDUCTIONS
* BOARD OF DIRECTORS CASH RETAINER REDUCTION OF 15% & ELECTION TO RECEIVE TOTAL RETAINER IN NON-CASH DEFERRED SHARE UNITS
* TERVITA -ORGANIZATIONAL RESTRUCTURING OF INDUSTRIAL SERVICES SEGMENT, BUSINESS SERVICES RESULTING IN 20% REDUCTION TO SIZE OF EXECUTIVE LEADERSHIP TEAM