OUTOTEC OYJ PRESS RELEASE NOVEMBER 20, 2015 at 9.05 AM
Outotec starts employee cooperation negotiations in Finland
As part of Outotec's global cost structure program targeting EUR 70 million annualized savings in fixed costs (stock exchange release on November 20, 2015), the company is analyzing the resourcing needs and restructuring opportunities in its operations in Finland. Outotec will start employee cooperation negotiations about the restructuring and possible reduction of workforce with the entire personnel in Finland.
The effects of the considered restructuring on different locations will be determined by mid-January 2016. The restructuring may lead to the reduction of maximum 160 permanent employees in Finland through redundancies and other arrangements. In addition, non-renewal of fixed-term contracts and, depending on capacity utilization, temporary lay-offs may be used to achieve the targeted savings.
The temporary lay-offs in Turula and Lappeenranta manufacturing facilities in Finland, started during the previous EUR 45 million savings program, will continue.
"The global market in minerals and metals processing has further weakened during the recent months. Therefore we need to adjust our operations and improve our cost structure correspondingly. The actions we need to take are tough but necessary to ensure our competitiveness in the challenging market situation", says Outotec's CEO Pertti Korhonen.
Outotec employs approximately 1,350 persons in Finland.
For further information please contact:
Pertti Korhonen, CEO
Tel. +358 20 529 211
Jari Ålgars, CFO
Tel. +358 20 529 2007
Eila Paatela, head of Corporate Communications
Tel. +358 20 529 2004, mobile +358 400 817198