Huhtamaki initiates efficiency improving measures to improve competitiveness
HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 4.3.2013 AT 09:45
Huhtamäki Oyj has initiated efficiency improving measures in order to improve competitiveness within its Foodservice Europe-Asia-Oceania -segment. Employee cooperation procedures have been initiated within the Group's Foodservice units in Hämeenlinna, Finland and Epping, South Africa. In addition, a cost savings program has been initiated within the Films business segment.
A non-recurring charge of approximately EUR 10 million will incur during 2013 to cover the costs of the measures, the majority of which will be booked during the first half of the year. Approximately EUR 5 million of the costs are cash costs and the outflow is expected to take place during 2013. The targeted annual cost savings are EUR 6 million. The majority of the savings will materialize in the Group's results in 2014.
For further information, please contact:
Jukka Moisio, CEO, tel. +358 10 686 7801
Timo Salonen, CFO, tel. +358 10 686 7880
Huhtamaki Group is a leading manufacturer of consumer and specialty packaging with 2012 net sales totaling EUR 2.3 billion. Foodservice and consumer goods markets are served by approximately 14,200 people in 64 manufacturing units and several sales offices in 31 countries. The parent company, Huhtamäki Oyj, has its head office in Espoo, Finland and its share is quoted on NASDAQ OMX Helsinki Ltd. Additional information is available at www.huhtamaki.com.