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Componenta Oyj Starts Negotiations to Restructure Forging Operations in Sweden; Possible Layoffs

Wednesday, 28 Nov 2012 08:00am EST 

Componenta Oyj (Componenta) announced that it intends to take measures in Sweden to develop the productivity and profitability of its forging business as part of the Group’s efficiency program that started in October 2012. The measures concern Componenta Wirsbo’s operations in Virsbo, Smedjebacken and Arvika, and aim to boost productivity, operations efficiency and profitability, and to cut fixed costs at the forge. The intention is to downsize the plant in Smedjebacken to a minimum and transfer products mainly to the plant in Arvika. Against this background, negotiations with the relevant unions in accordance with Swedish law have been started on November 28, 2012 aiming to reduce 41 jobs in total in Smedjebacken. The goal is to complete the negotiations during 2012, so that the measures resulting from the negotiations will become effective during the first half of 2013. Capacity utilization rates at Componenta Wirsbo have been low during 2012, and its operative result has been weak. The intended restructuring measures will boost the operative result in the forging business by some EUR 2.0 million. One-time costs arising from the changes will be recorded in the last quarter of 2012. During 2013, the management of Componenta Wirsbo will focus their efforts on product transfers from Smedjebacken to Arvika, and on developing production processes, raising efficiency and improving ways of working. 

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