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Outokumpu Announces Plans to Improve Efficiency
04/07/2011 - Outokumpu announced plans to implement actions to improve profitability, gain more efficiency and remove overlapping activities in sales, supply chain and supporting functions in Europe.
Outokumpu announced plans to implement actions to improve profitability, gain more efficiency and remove overlapping activities in sales, supply chain and supporting functions in Europe.
"Outokumpu has been loss-making the past three years and we must improve our financial performance,” said CEO Mika Seitovirta. “Outokumpu needs to become more efficient in its ways of working and serve customers better every day. Unfortunately the planned actions are expected to have impact on our personnel as well.”
The planned actions are expected to result in a reduction of up to 350 jobs, including up to 90 in Finland and up to 80 in Sweden. The company said that negotiations with personnel will be started immediately in accordance with local laws and regulations.
In addition several parallel activities to improve profitability are currently on-going in different countries. The annual cost-savings from all announced actions are estimated to amount to approximately EUR 25 million in 2012.
Outokumpu operates in 34 countries and employs 8100 people.
Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Outokumpu employs some 8000 people in more than 30 countries. The Group's head office is located in Espoo, Finland.
