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Kemira Oyj Announces Global Restructuring Program and Possible Lay-offs

Thursday, 26 Jul 2012 01:30am EDT 

Kemira Oyj announced a global restructuring program 'Fit for Growth' to improve the Company's profitability, internal efficiency and to accelerate growth in the emerging markets. The cost savings target with the planned program is EUR 60 million on an annualized basis once the program is fully implemented. The goal of the planned program is to reach Kemira Group's financial targets for revenue growth and EBIT margin. The growth target for Kemira is above 3% in the mature markets and above 7% in the emerging markets. Kemira Oyj's EBIT margin target is at least 10%. The planned group-wide restructuring program is based on: reducing internal complexity by renewing and simplifying the organizational structure in order to foster accelerated growth, innovation and application focus; improving internal efficiency by reducing organizational layers and by placing responsibility into the regions by implementing regional business units reporting to the segment heads with full profit and loss responsibility, as well as optimizing and rebalancing the manufacturing network. The implementation of these measures may lead to a reduction of up to 600 positions globally, from which approximately 250 could be reductions in Finland. Kemira Oyj will initiate the co-determination negotiations according to each country's local legislation. Kemira Oyj will also consolidate its management structure. As of October 1, 2012, there will be one Management Board lead by the Chief Executive Officer. 

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