HKScan specifies further its Group-wide efficiency improvement programme; targets 40 million euro savings
HKScan Corporation Stock exchange release 19 July 2018 8:00 a.m
HKScan informed in its Interim Reports (3 May 2018, 7 February 2018 and 8 November 2017) and in its stock exchange release on 25 June 2018 about measures to increase operational efficiency to improve productivity and competitiveness. The efficiency improvement measures, started in the third quarter of last year, are part of the implementation of HKScan’s strategy, which was renewed last year.
HKScan now specifies further the content, financial targets and schedule of its ongoing efficiency improvement programme. The goal of the extensive programme is to improve profitability, and its full impact will be 40 million euros in annual savings during the year 2020 and onwards. The programme covers all Group functions in the company’s home markets – Finland, Sweden, Denmark and the Baltics.
HKScan expects the most significant benefits of the programme to stem from improved operational efficiency. Administrative costs will also be reduced further and Group synergies utilised to a greater extent than before.
“We will continue to determinedly implement our strategy through agreed development projects. The extensive efficiency improvement actions and cost savings will improve our competitiveness in all home markets. At the same time, we will continue to develop our consumer brands and product portfolio. Our goal is to respond to the expectations of consumers in our markets even better, as one team. Our strategy gives us the direction and good tools for this,” says Jari Latvanen, President and CEO of HKScan Group.
President and CEO
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HKScan is a Nordic meat and meals company. We employ over 7 300 professionals in striving to serve the world´s most demanding consumers, maintaining quality throughout the full chain of operations, From Farm to Fork. HKScan produces, markets and sells high-quality, sustainably produced pork, beef, poultry and lamb products, as well as charcuterie and meals, with strong consumer brands, including HK®, Scan®, Rakvere®, Kariniemen®, Rose®, Pärsons® and Tallegg®. Our customers are the retail, food service, industrial and export sectors, and our home market comprises of Finland, Sweden, Denmark and the Baltics. We export to over 50 countries. In 2017, HKScan had net sales of EUR 1.8 billion, making us one of Europe’s leading meat and meals companies.