Metso Oyj: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Ford Investor Services, Inc.
Metso Oyj Announces Further Details on Layoffs in Connection with Employee Negotiations
Metso Oyj announced that it will initiate employee negotiations in its different businesses. The negotiations are estimated to lead to the reduction of approximately 160 jobs in Finland. The goal of the negotiations is to adjust the Company's production capacity to correspond with the permanent structural changes in the operating environment and to improve long-term cost competiveness and profitability. It is estimated that the cost reductions will be implemented in full as of the fourth quarter of 2013. The estimated reduction need in the Automation business is approximately 120 jobs. The reduction need in Mining and Construction's Tampere foundry is estimated to be approximately 30 jobs. In Metso's HR Services unit, the reduction need is estimated to be approximately 10 jobs around Finland. Mining and Construction's crushing and screening equipment manufacturing and foundry in Tampere is preparing for temporary layoffs that will cover the entire personnel of approximately 610. Automation is also preparing for temporary layoffs. The functions in Vantaa and Tampere, employing approximately 630 people, are subject to employee negotiations concerning temporary layoffs. The units in Pori that serve the pulp industry and the Power business line manufacturing units in Tampere will initiate employee negotiations concerning temporary layoffs. The negotiations will cover all the personnel in these units, approximately 180 people in Pori and approximately 150 people in Tampere.
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