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Provider: Reuters Investment Profile

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Cargotec Oyj Concludes Restructuring

Tuesday, 22 Jan 2013 02:00am EST 

Cargotec Oyj announced that it has initiated several restructuring measures during the second half of 2012. As a consequence, the Company announced in October 2012 that it starts employee cooperation negotiations concerning the entire personnel aiming at adjusting Cargotec's operations to the new business-driven operating model and improving profitability. In addition, cooperation negotiations were announced during the fourth quarter of 2012 in Lidhult and Hudiksvall, Sweden. These actions aim to improve operational efficiency, profitability and to ensure long-term competitiveness in global markets. Majority of the negotiations have been concluded. The Company will book EUR 26 million in non-recurring restructuring costs in the fourth quarter of 2012, of which approximately EUR 19 million impacts cash flow. Non-recurring restructuring costs booked in 2012 total EUR 26 million. The Company estimates that the measures taken result in approximately EUR 30 million cost savings for the year 2013. 

Company Quote

-0.03 -0.12%
8:59am EST