Uponor Corporation Stock exchange release 21 July 2015 7:58 EET
Uponor launches streamlining programme in its European building solutions segment
Uponor is embarking on a streamlining programme to adjust the operations of Building Solutions – Europe to the weak demand prevailing in Europe. The segment’s business is being hampered by a lengthy period of subdued demand in the building industry and, more recently, intensifying competition in the largest market sector, residential new builds in Germany.
The company is targeting annual savings of around €3 million within Building Solutions – Europe. For instance, it plans to adjust its sales network as well as to centralise and outsource some support functions to a greater extent than now. It is estimated that these initiatives will incur a total of €4–€5 million in non-recurring costs, which will be booked during 2015.
The planning has been initiated and more details will be communicated when the plans are ready. In sum, the measures are expected to account for around 100 man years of work in Building Solutions - Europe. As a first step in June, Uponor launched a codetermination process in Sweden aimed at a reduction of 20 permanent and 20 temporary jobs.
For further information, please contact:
Jyri Luomakoski, President and CEO, tel. +358 20 129 2824
Riitta Palomäki, CFO, tel. +358 20 129 2822
Tarmo Anttila
Vice President, Communications
Tel. +358 20 129 2852
DISTRIBUTION:
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www.uponor.com
Uponor is a leading international provider of plumbing and indoor climate solutions for residential and commercial building markets across Europe and North America. In Northern Europe, Uponor is also a prominent supplier of infrastructure pipe systems. The Group employs approx. 3,800 persons, in 30 countries. In 2014, Uponor's net sales exceeded €1 billion. Uponor Corporation is listed on NASDAQ Helsinki in Finland. www.uponor.com