OUTOTEC OYJ STOCK EXCHANGE RELEASE OCTOBER 30, 2014 at 8.55 AM
Outotec has achieved the targeted EUR 50 million savings and closes the program
Outotec introduced an efficiency improvement program on October 17, 2013 targeting up to EUR 50 million annualized savings in operating costs by the end of 2014 compared to the Q3/2013 situation. The company has achieved the targeted savings at the end of September 2014 and closes now the program. The one-time costs from the program were EUR 28 million.
As a result of the efficiency improvement program, voluntary resignations and retirements Outotec's personnel has been reduced in total by 570 persons (212 in services, 358 in capex business and shared functions). The services personnel reductions relate to ramp-down of some low profitability service contracts. At the same time, recruitments to service business (468), especially to operation and maintenance at new customer sites, as well as product development (49) and acquisitions (23) increased the headcount by 540 persons. In total, this resulted in a net reduction of 30 persons since September 2013.
For further information please contact:
Mikko Puolakka, CFO
Tel. +358 20 529 2002
Eila Paatela, Director - Corporate Communications
Tel. +358 20 529 2004, mobile +358 400 817198
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