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Orica Launches AU$100 Million Cost Reduction Program; Shares Up 7%

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-- Orica (ASX:ORI) initiated an organization-wide cost reduction program targeting at least AU$100 million in annualized savings over the next three years while maintaining its focus on safety and growth priorities, according to a Thursday filing with the Australian bourse.

The company incurred net restructuring costs of AU$10.9 million associated with the program during the fiscal first half, the filing added. It expects to realize most of the program's benefits from 2027 onwards.

The company's shares rose around 7% in recent Thursday trade.

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