Gunnebo to down-size its Spanish operations

Gunnebo Security Group has decided to down-size its Spanish operations. The action is done in order to align scope and size of the business with the country’s current market situation.

Gunnebo has noted a negative development of the Spanish security market over the past few years. The development is connected to the overall stand-still that has characterized the Spanish economy for the past three-four years.

“Gunnebo Spain has been suffering continued losses during the past three years. Since we don’t see that the marketplace will support a quick recovery within the next few years, we have now reached to a point where it is necessary to do substantial down-sizing,” says Gunnebo’s president and CEO Per Borgvall.

Due to the situation above, conversations with legal representatives for employees in Gunnebo Spain were initiated earlier in the week. Gunnebo intends to reduce 1/3 of the headcount. Today, Gunnebo Spain has some 350 employees.

“However, we want to maintain our position on the Spanish security market and has therefore decided to re-work the business model, focus on new market opportunities and leave business that is not profitable”, states Per Borgvall.

GUNNEBO AB (publ)
Group Communications

Per Borgvall, CEO and President Gunnebo AB, tel. +46 10 2095 000 or Karin Wallström, Communication Manager & IR Director, Gunnebo AB, tel. 46 10 209 5026, mobile: 46 708 283339 or e-mail karin.wallstrom@gunnebo.com

The Gunnebo Security Group provides efficient and innovative security solutions to customers around the globe. It employs 5 300 people in 31 countries across Europe, Asia, Africa, Australia and North America, and has a turnover in excess of €580m. Gunnebo focuses its global offering on Bank Security & Cash Handling, Secure Storage, Entrance Control and Global Services.

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