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Provider: Reuters Investment Profile
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Provider: GlobalData
$125.00
Provider: GlobalData
$125.00
Provider: GlobalData
$125.00

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Honkarakenne Oyj Concludes Cooperation Negotiations; to Close Alajarvi Location; to Cut Jobs


Friday, 4 Jan 2013 04:45am EST 

Honkarakenne Oyj announced that it has concluded cooperation negotiations launched on November 8, 2012 to reduce the number of locations with the aim of consolidating operations in Finland. The consolidation plans covered the Company's entire staff in Finland. As a result of cooperation negotiations, the Company has decided to close its Alajarvi location. The production of Honkarakenne will be centralized at Karstula mill in Central Finland. Due to the restructuring activities caused by the consolidation, a total of 68 persons will be dismissed. In addition, the Company has agreed on temporary lay-offs for a maximum of 90 days by the end of September 2013 concerning the entire staff in Finland. The personnel reductions and restructuring activities will result in EUR 3.5 million non-recurring costs and write-offs in financial year 2012, of which EUR 2.0 million are write-offs of fixed assets and EUR 1.5 million are provision costs for dismissals. The current estimate is that the consolidation will be completed by the end of August 2013. 

Company Quote

2.52
-0.03 -1.18%
31 Jul 2014