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Finland

Finland

Moventas to implement temporary layoffs in Finland

FINLAND: Gear manufacturer Moventas has completed staff negotiations over temporary layoffs at its production facilities in Finland.

Moventas revealed it was planning to make the layoffs at the beginning of the year. At the time, it said it this was due to market conditions.

Layoff periods will vary from two weeks to 12 weeks depending on the role and backlog. President and CEO Mikael Laine said the layoff were due to insufficient orders in the first half of 2013.

Laine said: "We will temporarily adapt, however without compromising our long term goal, which is profitable growth."

Moventas was acquired by UK private-equity firm Clyde Blowers in 2011 for €100 million. Shortly before the takeover, Moventas was forced to file for bankruptcy. It said it had been hit by the financial crisis, costs arising from upgrades to its facilities and overcapacity.

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