Studsvik AB: Studsvik Implements Cost-Saving Program to Achieve Increased Stable Profitability
Studsvik AB (“the Company”) is implementing a cost-saving program in response to lower performance levels in 2024 for the Fuel and Materials Technology (FMT) business area. The savings are estimated to amount to SEK 15-20 million annually and are expected to reach full effect in 2025. The goal of the cost-saving program is to accelerate the development towards stronger profitability within Studsvik’s Swedish operations.
The cost-saving program involves a review of all the Company’s expenses, including the reduction of general costs, a decrease in consultancy fees, and notices of reduced staffing in Sweden. In total, the savings are estimated to amount to SEK 15-20 million annually once all measures have reached full effect. Considering this, the Company has today initiated negotiations with trade union partners and submitted a notice of redundancy to the Swedish Public Employment Service.
“Studsvik’s Swedish operations have seen costs increase at a faster rate than revenues, and we are therefore taking measures to ensure long-term stable profitability within the FMT business area. At the same time, we see continued opportunities for organic growth across all business areas and opportunities to strengthen our position through add-on acquisitions,” says Karl Thedéen, CEO of Studsvik AB.
The cost-saving program will be initiated in the fourth quarter of 2024 and is expected to reach full effect from the first quarter of 2025.
For further information, please contact:
Karl Thedéen, President and CEO Studsvik AB, tel +46 (0)155 – 22 10 00
Facts about Studsvik
Studsvik offers a range of advanced technical services to the global nuclear power industry. Studsvik’s business focus areas are fuel and materials technology, reactor analysis software, decontamination and radiation protection as well as technical platforms for handling, conditioning and volume reduction of radioactive waste. The company has more than 75 years’ experience of nuclear technology and radiological services. Studsvik has 530 employees in 7 countries and the company’s shares are listed on Nasdaq Stockholm.
www.studsvik.com