Inwido implements structural measures to improve efficiency and strengthen competitiveness
This information is such that Inwido AB (publ) is obliged to publish in accordance with the Swedish Securities Market Act and/or Financial Instruments Trading Act. The information was submitted for publication on Tuesday 20 October 2015, at 7:50 a.m.
Inwido, Europe's largest supplier of windows and doors, announces planned structural measures that entail changes in production or sales in Sweden, Denmark and Finland. These measures are the result of ongoing efforts to review the overall capacity and efficiency within Inwido. The resources that will become available will be used for purposes such as initiatives in growth and profitability. The measures will cost about SEK 100 million, for which a provision will be made in the fourth quarter of 2015. The Group expects to gradually see annual savings of SEK 50–60 million, with full effect in the year 2017.
“Inwido has a strong position in all markets affected by these measures. In order to maintain and improve this position we must continuously review and streamline operations,” says Inwido’s President and CEO, Håkan Jeppsson.
The affected units today are the production facilities in Bjurträsk, Sweden and Ugerlöse, Denmark, as well as the sales organisation in Finland. Regarding production, the intention is to move existing volumes to other Inwido sites in each country. The employees will be offered new jobs at the receiving units.
“It's tough news for the employees who may be affected. The challenging Finnish market and overcapacity regarding certain products for the industrial market have forced us to take these measures. Volumes in the industrial segment in Denmark and Sweden remain steady, but lack adequate profitability. The proposed measures will improve our ability to invest in new attractive products and customer offerings that are needed to meet the tough competition in the market,” says Håkan Jeppsson.
Read the pressrelease in the pdf attached
For more information, please contact:
Inwido AB
Håkan Jeppsson, President and CEO Tel.: 46 (0)10-451 45 51 or 46 (0)70-550 15 17
Jonna Opitz, SVP Marketing, Sales & Communication Tel.: 46 (0)10-451 45 58 or 46 (0)722 11 90 10
E-mail: jonna.opitz@inwido.com
About Inwido
Inwido is Europe’s largest supplier of windows and doors. The company has operations in Denmark, Finland, Norway, Sweden, Austria, Estionia, Ireland, Lithuania, Poland and the UK, as well as exports to a large number of other countries. The Group markets some 20 strong local brands including Elitfönster, SnickarPer, Hajom, Hemmafönster, Outline, Tiivi, Pihla, Diplomat and Sokolka. Inwido has approximately 3,300 employees and generated sales of slightly more than SEK 4.9 billion in 2014. The Group's headquarters are located in Malmö, Sweden. For further information, please visit www.inwido.com
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