Outotec finalizes employee negotiations in Finland and closes EUR 70 million cost structure program
Outotec has finalized the employee cooperation negotiations in different locations in Finland related to the restructuring of the Metals, Energy & Water segment (as announced on November 17, 2016) and filters manufacturing units (as announced on November 1, 2016).
As a result of the negotiations, approximately 50 employees will be made redundant in Finland. Depending on capacity utilization, employees may also be temporarily laid off during 2017.
The negotiations to streamline certain units in Germany will continue in 2017. The restructuring may lead to the reduction of approximately 100 permanent positions in Germany. Some individual redundancies will also be made in other countries.
The related costs and asset write-offs of the above restructuring will be taken into account in Q4/2016.
EUR 70 million cost structure program closed and savings achieved
Outotec has achieved the targeted EUR 70 million annualized savings in fixed costs compared to the Q3/2015 situation and closes its cost structure program started in November 2015 (as announced on November 20, 2015).
The restructuring costs from the program were EUR 40 million. These were mainly booked in Q4/2015 and Q1/2016, and the remaining part will be booked in Q4/2016. 650 jobs have been reduced as part of the program.
Restructuring costs of approximately EUR 28 million booked in Q4
Outotec will book up to EUR 28 million as restructuring costs in Q4/2016 from the above two programs, mainly as adjusted items. These consist of personnel related restructuring costs mainly in the Metals, Energy & Water segment and asset write-offs related to premises, machinery and ICT systems.
source: Outotec
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