Outotec Oyj: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Thomson Reuters StreetEvents
NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
Outotec Oyj Initiates Efficiency Improving Measures; Plans to Cut Jobs
Outotec Oyj announced that it is introducing a program to improve its cost structure and operational efficiency to secure the future profitability in an uncertain market environment. The efficiency improvement program is targeting up to EUR 50 million annualized savings in operational costs by the end of fiscal year 2014 compared to the third quarter 2013 situation. The level of cost reduction activities and final savings will be subject to the development of the market environment and Outotec's order intake. The majority of the savings will materialize in 2014. The estimated one-time costs from the program for 2013 and 2014 will be at maximum EUR 30 million. Outotec is analyzing the resourcing needs and restructuring opportunities in its locations worldwide. The Company will start employee cooperation negotiations about possible reduction of workforce with the entire personnel. The effects of the considered restructuring on different personnel groups and locations will be determined on country basis by early 2014. The planned measures are estimated to lead to the reduction of maximum 500 employees globally through redundancies, retirements and discontinuing fixed-term agreements. The estimated need for redundancies in Finland is approximately 60 employees. The reduction measures will be realized gradually starting in late 2013 and ending by mid 2014. In addition, temporary lay-offs may be used to achieve the targeted savings. The Company employs approximately 5,000 persons.
Latest Key Developments in Specialty
- Catalyst Copper Corp announces non-brokered private placement; appoints new CEO and President
- Sichuan Hongda Co Ltd completes private placement
- Xiamen Tungsten Co Ltd to set up new business department
- Geonovus Minerals Corp receives conditional approval to list on CSE and will be completing non-brokered private placement
- Share this
- Digg this