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Componenta Oyj Introduces Efficiency Program and Announces Layoffs


Thursday, 18 Oct 2012 06:50am EDT 

Componenta Oyj announced that it has started an efficiency program to develop profitability and productivity, and realize cost savings in order to improve competitiveness in years between 2012 and 2014. The main reason for establishing the efficiency program is the past development of general business environment, where customer behavior has become more unpredictable and cautious, leading to continuing low capacity utilization. At the same time the Company is facing challenges which demand actions in the areas of currency rates, productivity development and general cost development. During the period between 2013 and 2014, the savings aimed to be achieved through the completion of the efficiency program and related actions are estimated to be at the level of EUR 25 million, corresponding to a full year impact in 2014. The majority of the cost savings will be realized through a reduction of personnel in all operating countries throughout Componenta Oyj. As a result of the projects, the reduction of personnel is estimated to be 550 people. The implementation of the efficiency program will be managed by project leaders, consisting of the Members of new Corporate Executive Team. Componenta Oyj's new organization and way of operating, as well as related Management appointments and changes in positions will be effective as of November 1, 2012. 

Company Quote

1.77
0.01 +0.57%
5:42am EDT