Cargotec to slash more than 200 jobs globally as savings measures
Cargotec announces savings measures in MacGregor to respond to the weakening offshore, merchant market situation due to the low oil price and low number of new merchant ship orders. MacGregor is planning to reach savings by reviewing resourcing and making the necessary adjustments with a plan to reduce the use of external workforce and the number of own personnel. Simultaneously MacGregor continues to have a strong focus on the earlier announced development programmes to improve the internal effectiveness, the Corporation said Tuesday.
"The planned measures are estimated to have an effect of reducing some 220 employees globally. The possible measures for the personnel reductions will be initiated locally according to the requirements and legislation of each country. The target is to achieve annual savings of EUR 20 million," the company's press release said.
The initiated measures are estimated to create restructuring costs of EUR 5 million in 2015.
Cargotec formed in 2005 is a Finnish manufacturer of cargo-handling machinery for ships, ports, terminals and local distribution. The Group employs about 11, 000 people and has presence in 600 locations in 120 countries. MacGregor (part of the Corp.) employs globally approximately 2,750 persons in 33 countries, with the biggest number of personnel in Norway 630, Germany 460, China 350 and Sweden 300. The countries where the impact of the planned measures is estimated to be biggest are Sweden, Singapore and Norway.