Cencorp Corporation Stock Exchange Release 24 April 2012 at 09:00 Finnish time
CENCORP IS PLANNING TO ADJUST ITS OPERATIONS TO THE NEW STRATEGY
Cencorp is planning to adjust its operations to meet the requirements of the new strategy published on 19 April 2012.Cencorp needs to strengthen its competitiveness and to create a solid base for its long-term profitable growth.
The company has decided to investigate the possibilities to rearrange production and other operations in Salo and Mikkeli to improve profitability, cost structure and competitiveness. As a part of this process the company is investigating options to fully outsource the equipment manufacturing and its support functions as well as the possibilities to outsource part of its engineering operations. Additionally the company’s operations and business premises in Salo, Mikkeli and other locations in Finland will be considered. Restructuring of Cencorp Group’s foreign units will be started.
With the restructuring Cencorp is pursuing annual savings in Finland of approx. 2.0 Million Euros in fixed and operative costs.
To adjust its operations Cencorp starts statutory negotiations in all its offices in Finland based on production-related and financial grounds and on grounds related to the restructuring of the operations. The statutory negotiations will include all Cencorp employees in Finland excluding its service and sales operations but including the support functions of the service and sales. The estimate of reduction in labor is max. 25 employees.
Mikkeli, 24 April 2012
CENCORP OYJ
BOARD OF DIRECTORS
For more information:
Iikka Savisalo, CEO, tel. +358 40 5216082, iikka.savisalo@cencorp.com
Distribution:
NASDAQ OMX, Helsinki
Main media
www.cencorp.com
Cencorp Corporation is a leading provider of industrial automation solutions.
The equipment included in the product portfolio designed for depaneling,
odd-form assembly, testing and laser materials processing substantially
improves the efficiency of customers production. The product range also
includes EMI shielding solutions, flexible circuits, decorations and RFID
antennas. Cencorps customers are automotive electronics manufacturers and
manufacturers operating in telecommunications, industrial automation and EMS.
Cencorps head office is located in Mikkeli, Finland. The company is part of
the Finnish Savcor Group.