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Provider: Thomson Reuters StreetEvents
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Provider: Thomson Reuters StreetEvents
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Konecranes Abp Reorganizes Business Area Equipment and Plans Layoffs


Thursday, 3 Jan 2013 08:30am EST 

Konecranes Abp announced that as a result of new equipment demand moving towards emerging markets, Konecranes Business Area Equipment has initiated actions to align operations closer to customers. In doing so, the Group, in its Business Unit Industrial Cranes will organize itself into larger sales areas with fewer units. In addition, the Group will consider discontinuing industrial crane manufacturing in Hyvinkaa, Finland and Vic, Spain. In its Business Unit Port Cranes, the Company considers terminating straddle carrier manufacturing in Tauberbischofsheim, Germany. In straddle carrier manufacturing, the Company will continue using other Group facilities, as well as the Group's subcontracting network. These actions will affect approximately 140 employees globally. Konecranes expects to incur restructuring costs of approximately EUR 10 million due to these actions of which approximately EUR 6 million will be recognized in the fourth quarter of 2012 and approximately EUR 4 million in the first quarter of 2013. The total cash flow impact of these restructuring costs will be approximately EUR 5 million. With these planned actions, Konecranes targets annual cost savings of approximately EUR 10 million starting from the second half of 2013 on. Due to this business reorganization, Konecranes will start statutory negotiations regarding possible personnel reductions in Finland. The permanent personnel reductions are estimated to affect 35 employees within the Business Area Equipment. 

Company Quote

22.45
1.97 +9.62%
22 Oct 2014