Hydro announces a significant restructuring that entails cuts in staff at costs of 60 million euros – almost 595 million NOK.
The plan will lead to a reduction of up to 735 permanent full-time employees, the group reports in a press release on Tuesday afternoon
The cuts are to be taken in the segment of rolled products, which for a long time has produced disappointing results. The goal is to significantly increase profitability, according to Hydro.
“We are now taking significant steps to strengthen our profitability,” says Einar Glomnes, Executive Vice President for Rolled Products.
The restructuring includes a planned closure of parts of the foil production at Grevenbroich in Germany, as well as improvement measures “across the organization”.
Hydro announced one year ago the closure of another foil line by the end of 2019. The two closures together represent about 30 percent of the total foil production in rolled products.
© NTB Scanpix / #Norway Today