Hexagon Composites approves relocation of remaining production in Devold AMT to Lithuania
Reference is made to stock exchange release dated 9th January 2012 related to the transfer of the remaining production in Devold AMT to Lithuania.
After discussions with the employee representatives, Hexagon Composites' subsidiary Devold AMT has decided to move the remaining production of composite reinforcements in Langevåg in Norway to the company's factory in Lithuania. The relocation of production implies a reduction of 23 man-labour year while the head office will remain in Langevåg. There will be production in Langevåg until summer 2012.
The decision is based on the deficit the business unit has had for several years. The company is experiencing positive growth, however the margins on the products that the company supplies have further fallen following the financial instability of the last few years. Devold AMT has therefore been compelled to adjust its cost level to the market conditions in which it operates.
For further information:
Erik Espeset, Group President, Hexagon Composites ASA
Telephone: +47 905 20 033 | E-mail: erik.espeset@hexagon.no
Kåre Dybvik, Managing Director, Devold AMT
Telephone: + 47 916 25 725 | E-mail: kd@amt.no