Kemira concludes co-determination negotiations, cuts 152 jobs in Finland

Kemira concludes co-determination negotiations, cuts 152 jobs in Finland

4:25 AM, 12th October 2012
Kemira concludes co-determination negotiations, cuts 152 jobs in Finland

HELSINKI, FINLAND: Kemira’s co-determination negotiations concerning its sites in Helsinki, Espoo, Oulu, Sastamala, Kuusankoski, Joutseno, Vaasa and Harjavalta has been concluded. In the beginning of the negotiations it was estimated that the personnel reductions may affect approximately 260 employees working in Finland. As a result of the negotiations, the head count reduction will be 152 in Finland, out of whom 79 persons will leave the company through pension schemes. Kemira will continue analyzing the outsourcing opportunities. The terminations will be carried out by the end of October. Kemira will support the affected employees by providing outplacement services which aim at re-training and re-employment.

The personnel reductions are related to the restructuring programme ‘fit for growth’ announced in July. The programme aims to improve the company’s profitability, internal efficiency and to accelerate growth in the emerging markets. The expected €60 million cost savings impact of the programme will occur as follows- €10 million in 2012, €50 million in 2013 and €60 million in 2014. The ultimate goal of the programme is to reach at least 10 per cent EBIT margin in 2014.

The expected restructuring charges connected to the programme amount to €85 million of which €35 million will be cash cost and €50 million being write-downs. €55 million of the restructuring charges will be booked in the second half of 2012, and the balance in the first half of 2013.

The organizational restructuring also affects Kemira’s sites outside of Finland and the negotiations in the sites affected by the possible personnel reductions will be completed in each country according to the local legislation.

© WOC News



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