Componenta to renew its strategy and start financial negotiations to ensure the change and liquidity

Componenta’s result development has, as earlier announced, been below expectations and the Group’s liquidity situation is tight. Componenta begins negotiations for a financing solution, which would support new strategic alignments and secure the company’s liquidity position. In addition, Componenta starts negotiations relating to the Nordic syndicated loan agreement due to the company not being in compliance with certain terms of the loan agreement. The progress of the negotiations will be announced separately.  

Componenta renews its strategy in order to achieve clear improvement in profitability. In the future, Componenta will focus from volume perspective on mid-size product series in iron castings and concentrate production to Turkey. The most typical customers in mid-size product series are global players in heavy trucks, agricultural machinery as well as construction and mining industries. On the other hand, the new aluminum foundry to be started during 2016 in Manisa, Turkey, will strengthen Componenta’s position as an automotive industry supplier. Preparation work to start sales and production cooperation in large furan castings with Ferromatrix in Belgium in the beginning of 2016 continue as planned.  

Componenta renews its organization to correspond with the new strategy. The biggest change concerns the customer interface and a new service concept. In the future, the local production units will be responsible for local small volume accounts while the Group sales organization will have a service responsibility for global accounts.  

From 4 December 2015 onwards the Corporate Executive Team of Componenta Corporation consists of the following members: President and CEO Harri Suutari, Olli Karhunen, Senior Vice President, Foundry Division, Juha Alhonoja, Senior Vice President, Machine Shop Division, Sabri Özdogan, Senior Vice President, Aluminium Division, CFO Henri Berg, Pauliina Rannikko, Senior Vice President, Human Resources and Legal and Furio Scolaro, Senior Vice President, Sales, Global accounts.  

Helsinki, 4 December 2015 

COMPONENTA CORPORATION 
 

Harri Suutari
President and CEO

For further information, please contact:

Harri Suutari
President and CEO
tel. +358 400 384 937 

Componenta is a metal sector company with international operations and production plants located in Finland, Turkey, the Netherlands and Sweden. The net sales of Componenta were EUR 495 million in 2014 and its share is listed on Nasdaq Helsinki. The Group employs approx. 4,250 people. Componenta specializes in supplying cast and machined components and total solutions made of them to its global customers, who are manufacturers of vehicles, machines and equipment.