Cargotec responds to the weakening offshore and merchant shipping market by announcing savings measures in MacGregor
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE 28 APRIL 2015 AT 11.55 AM (EEST)
Cargotec responds to the weakening offshore and merchant shipping market by announcing savings measures in MacGregor
Cargotec announces savings measures in MacGregor to respond to the weakening market situation due to the low oil price and low number of new merchant ship orders.
MacGregor is planning to reach savings by reviewing resourcing and making the necessary adjustments with a plan to reduce the use of external workforce and the number of own personnel. Simultaneously MacGregor continues to have a strong focus on the earlier announced development programmes to improve the internal effectiveness.
The planned measures are estimated to have an effect of reducing some 220 employees globally. The possible measures for the personnel reductions will be initiated locally according to the requirements and legislation of each country. The target is to achieve annual savings of EUR 20 million.
MacGregor employs globally approximately 2,750 persons in 33 countries, with the biggest number of personnel in Norway 630, Germany 460, China 350 and Sweden 300. The countries where the impact of the planned measures is estimated to be biggest are Sweden, Singapore and Norway.
The initiated measures are estimated to create restructuring costs of EUR 5 million in 2015.
Further information for the press:
Mika Vehviläinen, President and CEO, Cargotec, Interim President, MacGregor tel. +358 20 777 4101
Eeva Sipilä, Executive Vice President and CFO, tel. +358 20 777 4104
Minna Karhu, Communications Director, MacGregor, tel. +358 20 777 4500
Further information for investors:
Paula Liimatta, Director, Investor Relations, tel. +358 20 777 4084
Cargotec shapes the cargo handling industry for the benefit of its customers and shareholders. Cargotec's business areas MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Their global network is positioned close to customers and offers extensive services that ensure a continuous, reliable and sustainable performance according to customers' needs. Cargotec's sales totalled approximately EUR 3.4 billion in 2014 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on NASDAQ OMX Helsinki Ltd under symbol CGCBV. www.cargotec.com