MONTREAL (AP) -- Aircraft and automotive parts manufacturer Mecachrome International will cut 41 jobs in Canada and 150 in France as part of a restructuring amid lower demand for its products.

The Montreal-based company said Wednesday that the job cuts will be completed by the end of September, and stem from its efforts to improve finances.

The restructuring is designed to restore the company to a cash flow break-even position in 2009. The first phase, announced in May, is expected to generate nearly $15.8 million in annual cost savings.

Chief financial officer Stephan Yazedjian says all options are being reviewed to turn around Mecachrome's fortunes, except for a sale or privatization of the company.