Jobs to go at Lemminkäinen
By Sarah Ann McCay10 June 2014
Troubled Finnish contractor Lemminkäinen is to cut up to 265 personnel as part of its Deliver 2014 programme, which aims to save the company €30 million in fixed costs.
Lemminkäinen announced ‘unsatisfactory’ financial results for 2013 and is now looking at cutting costs across the board.
A maximum of 265 full-time equivalents will be cut from its operations in Finland. Further cost-cutting measures include the closure of its building construction offices in Kokkola and Kouvola.
Lemminkäinen also plans to cut or re-evaluate some of the group’s IT and other development projects, sell non-core assets and operations, lighten its support functions, and cut back other fixed costs that are not critical to business operations. The savings target for 2014 is €10 million.
Interim president and CEO Berndt Brunow said, “The Deliver 2014 programme will lighten our cost structure and improve our operational efficiency in a challenging operating environment. As difficult as some of these decisions have been, they will significantly improve Lemminkäinen’s competitiveness The company’s renewal will continue.”