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Hydro Initiates Comprehensive Restructuring of Rolling Business

Metal News - Published on Thu, 12 Sep 2019

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As part of the strategic review of Rolled Products, Hydro has decided to initiate a comprehensive restructuring program in its rolling business with the aim to significantly improve profitability. Hydro’s rolling business has shown disappointing financial performance over the last years. Mr Einar Glomnes Executive Vice President Rolled Products said that “We are taking forceful actions to improve our profitability. Our cost position in parts of our foil business is too high, mainly due to manning intensive and manual production processes, and we are also facing strong competition in this market segment. As a consequence, we are planning to close our foil mainline.”

The restructuring includes the planned closure of parts of the foil production at Grevenbroich as well as efficiency measures across the organisation.

In September 2018, Hydro announced the exit of the foil conversion business by December 31, 2019. These closures combined represents approximately 30% of the overall foil production of Rolled Products.

The total restructuring consists of a planned reduction of personnel cost of up to EUR 60 million per year. This will lead to a redundancy of up to 735 full time equivalents.

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Posted By : Rabi Wangkhem on Thu, 12 Sep 2019
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