Finland Times

 

Outotec's logo at its head office in Espoo. File Photo – Lehtikuva.

Technology company Outotec on Friday announced that it will initiate statutory negotiations with its employees in the country about the restructuring and possible reduction of workforce.

 

The restructuring may lead to the reduction of maximum 160 permanent employees in Finland through redundancies and other arrangements. In addition, non-renewal of fixed-term contracts and, depending on capacity utilization, temporary lay-offs may be used to achieve the targeted savings.

 

The company said it is analysing the resourcing needs and restructuring opportunities in its opera-tions in the country as part of the global cost structure programme targeting euro 70 million in sav-ings.

 

According to Outotec, effects of the considered restructuring on different locations will be deter-mined by mid-January 2016.

 

“The global market in minerals and metals processing has further weakened during the recent months. Therefore we need to adjust our operations and improve our cost structure correspondingly. The actions we need to take are tough but necessary to ensure our competitiveness in the challenging market situation,” said Outotec's CEO Pertti Korhonen in a release.