Alimak Group restructures and reorganises with MSEK 60 in targeted annualised savings
Alimak Group will restructure and reorganise, with the target of annualised savings of around MSEK 60. Associated non-recurring costs are related to some MSEK 60. The non-recurring costs will be taken in Q3 (MSEK 35) and Q4 2020 (MSEK 25).
Following the business review initiated by CEO Ole Kristian Jødahl, Alimak Group has decided to launch a three-step programme that will be presented in-depth tomorrow.
One part of this programme is a reorganisation of the Group’s business into four, customer centric divisions: Construction, Industrial, BMU and Wind. The divisions will be responsible for the full customer journey – original equipment, spare parts and services with the current After Sales business area integrated into the divisions. The new organisation, and subsequent reporting structure, will be effective as of January 1, 2021.
The reorganisation, in combination with restructuring, will result in a net reduction of approximately 120 employees (80 production and 40 SG&A). The reduction is expected to generate annual savings of around MSEK 60, with full effect by end of H1 2021.
These actions will result in non-recurring costs of approximately MSEK 60, of which MSEK 35 will be booked in Q3 2020 and another MSEK 25 in Q4 2020.
For more information, please contact:
Ole Kristian Jødahl, CEO, +46 8 402 14 40
Tobias Lindquist, CFO, +46 8 402 14 40
Mathilda Eriksson, Investor Relations and Group Communications Manager, +46 8 402 14 41
This is information that Alimak Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 10.30 CEST on October 7, 2020.
About Alimak Group
Alimak Group is a world-leading provider of vertical access solutions for professional use. With a global reach spanning over more than 100 countries, the Group offers vertical access solutions adding customer value through greater safety, productivity and resource efficiency. Alimak Group's products and service solutions are sold under the brands Alimak, CoxGomyl, Manntech, Avanti and Alimak Service. The Group has an installed base of around 70,000 elevators, hoists, platforms, service lifts and building maintenance units around the world. Founded in Sweden 1948, the Group has its headquarters in Stockholm, 11 production and assembly facilities in 8 countries and 2,300 employees around the world. www.alimakgroup.com