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Outokumpu Oyj concludes strategic review of thin strip operations in Sweden and Germany

Thursday, 13 Feb 2014 01:55am EST 

Outokumpu Oyj:Says, in June 2013, it announced a strategic review of its thin and precision strip operations in Kloster and Nyby, Sweden and in Dahlerbruck, Germany with the aim of reducing capacities and achieving cost savings through increased efficiencies.Says, as a result of the review, the company plans to discontinue its operations in Kloster, Sweden.Says it will continue the operations in Nyby, Sweden and in Dahlerbruck, Germany as before.Says, despite increased efficiencies the unit continues to be loss making and therefore Outokumpu plans to close down the Kloster unit by the end of 2014.Says Kloster has about 170 employees and it had a production volume of about 18,000 tonnes of stainless steel in 2013.Says Outokumpu will start negotiations with employee representatives in Sweden on the planned measures in full respect of local legislation and practices.Says the planned measures are expected to result in annual savings of about 15 million euros. 

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0.284 +6.29%
23 Dec 2014