ST AEROSPACE RESTRUCTURES ITS SCANDINAVIAN BUSINESS

Victoria
By Victoria September 7, 2012 15:36

ST AEROSPACE RESTRUCTURES ITS SCANDINAVIAN BUSINESS

ST Aerospace today announced that it has embarked on a restructuring programme involving the Scandinavian operations of its wholly owned subsidiary, ST Aerospace Solutions (Europe) A/S. This restructuring is necessary, given the continued challenging aviation landscape in Europe, marked by weak domestic travel and cargo demand in
the region. Given these market conditions, ST Aerospace needs to take steps to manage its cost structure and work processes in order to maintain its position in the European market. ST Aerospace Solutions will streamline the utilisation and workflow of its three facilities in Copenhagen, Denmark; Oslo, Norway as well as Stockholm, Sweden. As part of this restructuring exercise, approximately 300 employees across functions could be affected. The exercise will commence immediately, and is expected to be completed by the third quarter of 2013. The restructuring is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.

Victoria
By Victoria September 7, 2012 15:36
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