January 07, 2009
Moventas, producer of wind turbine gears and industrial gears, starts negotiations regarding personnel reductions and lay-offs in its Industrial Gears business in Karkkila and Jyväskylä.
The Moventas Industrial Gears business area will adapt its operations and starts negotiations regarding personnel reductions and lay-offs at Moventas Santasalo Oy in Karkkila and Jyväskylä.The extent of reductions and lay-offs will be specified during the negotiations. The need for personnel reduction has been estimated to be around 120 employees.
Industrial gear manufacturer Moventas Santasalo Oy employs 300 persons in Karkkila and 77 persons in Jyväskylä. The results of personnel negotiations will be announced after the statutory negotiation period.
Jukka Jäämaa, President & CEO, Moventas Corporation: “It is very disappointing that we have to start personnel negotiations in Moventas Santasalo Oy. The profitability of Moventas Santasalo Oy is unsatisfactory. Several of our customers’ projects in process industries have been postponed or cancelled during the last months and this has resulted in a weakened outlook in the industrial gears business. Therefore the cost structure of the Industrial Gears business is too heavy and measures have to be taken.”
For further information, please contact:
Jukka Jäämaa, President & CEO, Moventas Oy. Tel. +358 50 526 7665
Ahti Ahonen, Executive vice president, Industrial Gears. Tel. +358 40 506 2361
Moventas
Moventas is one of the leading experts in mechanical power transmission. The company designs, manufactures and markets mechanical power transmission solutions and services for the process and energy industries. In 2007 Moventas generated net sales of 291million Euros, representing 40% growth from the previous year. The company has over 1400 employees in Finland, Germany, Sweden, Canada, the USA, Singapore and China. European private equity investor IK Investment Partners holds the majority of the shares in Moventas.