Stena Line reduces sea and land-based staff

Stena Line reduces sea and land-based staff Stena Line is holding negotiations with the Trade Unions in conjunction with cutting 800 jobs in its Scandinavian operations, comprising 650 redundancies on-board and 150 land-based. These measures will primarily affect the Göteborg-Kiel and Göteborg- Frederikshavn routes, as well the land-based staff in Göteborg. Stena Line aims to have completed this restructuring by 1 September 1999. "This is a regrettable but necessary measure in the face of the abolition of tax-free next year, and is one in a series of measures to improve profitability and be able to operate without tax-free," says Bo Severed, Stena Line's President. The aggressive investment programme over the last few years in vessels and facilities has given Stena Line a fully-adapted and efficient fleet of ships with the right balance of high-speed HSS ferries, conventional ferries and freight vessels. Stena Line has also introduced a more customer-focussed, route based organization, merged its English Channel operations with P&O and implemented a comprehensive cost saving programme in its land-based organization.To safeguard the company's financial strength in coming years, Stena Line refinanced its operations earlier this year through a syndi-cated bank loan and a bond loan in the US market. "These measures are aimed at securing Stena Line´s position, our ferry routes´ departure frequency and our freight and passenger capacity" concludes Bo Severed. Göteborg, 8 December 1998 Stena Line AB Bo Severed President Any questions can be directed to Bo Severed on tel: +46 31 85 83 19. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1998/12/08/19981208BIT00240/bit0001.pdf http://www.bit.se/bitonline/1998/12/08/19981208BIT00240/bit0002.doc

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Stena Line is one of Europe's leading ferry companies with 36 vessels and 20 routes in Northern Europe. Stena Line is an important part of the European logistics network and develops new intermodal freight solutions by combining transport by rail, road and sea. Stena Line also plays an important role for tourism in Europe with its extensive passenger operations. The company is family-owned, was founded in 1962 and is headquartered in Gothenburg. Stena Line is part of the Stena AB Group, which has about 15 000 employees and an annual turnover of around 36 billion SEK.

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