Stena Line reduces sea and land-based staff

Stena Line reduces sea and land-based staff Stena Line is holding negotiations with the Trade Unions in conjunction with cutting 800 jobs in its Scandinavian operations, comprising 650 redundancies on-board and 150 land-based. These measures will primarily affect the Göteborg-Kiel and Göteborg- Frederikshavn routes, as well the land-based staff in Göteborg. Stena Line aims to have completed this restructuring by 1 September 1999. "This is a regrettable but necessary measure in the face of the abolition of tax-free next year, and is one in a series of measures to improve profitability and be able to operate without tax-free," says Bo Severed, Stena Line's President. The aggressive investment programme over the last few years in vessels and facilities has given Stena Line a fully-adapted and efficient fleet of ships with the right balance of high-speed HSS ferries, conventional ferries and freight vessels. Stena Line has also introduced a more customer-focussed, route based organization, merged its English Channel operations with P&O and implemented a comprehensive cost saving programme in its land-based organization.To safeguard the company's financial strength in coming years, Stena Line refinanced its operations earlier this year through a syndi-cated bank loan and a bond loan in the US market. "These measures are aimed at securing Stena Line´s position, our ferry routes´ departure frequency and our freight and passenger capacity" concludes Bo Severed. Göteborg, 8 December 1998 Stena Line AB Bo Severed President Any questions can be directed to Bo Severed on tel: +46 31 85 83 19. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1998/12/08/19981208BIT00240/bit0001.pdf http://www.bit.se/bitonline/1998/12/08/19981208BIT00240/bit0002.doc