Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Swedish group Lindab AB announced on Thursday 20 November 2008 that it has decided to implement a cost reduction programme, involving both staffing cutbacks and other operating cost reductions. The aim of the programme is to reduce fixed costs by SEK 300m (EUR 28m) per year. The programme will reduce the number of employees by 475, of which 80 are in Sweden. There is no information available from Swedish resources as to which other countries will be affected by the programme.
Lindab says that it will continue to focus on the businesses where Lindab is strongest - to advance and industrialise Ventilation and Building. The company's geographical focus will be on Europe and neighbouring countries. Lindab will continue to focus on cost management in order to meet any continued slowdown in demand.
The programme will reduce fixed costs by about SEK 300m (EUR 28m) on an annual basis, comprising SEK 120m (€11m) within Ventilation, SEK 145m (€13m) within Profile and SEK 15m (€1.4m) from other areas. The figures are approximations from the company.
The one-time cost for the programme is estimated to amount to SEK 140m (€13m).
Lindab, headquartered in Grevie, Sweden, develops, manufactures and markets sheet metal products and system solutions for the construction sector. The group has 5,600 employees in 31 countries and reported sales of SEK 9.28bn (€887m) in 2007.
Eurofound (2008), Lindab, Internal restructuring in Sweden, factsheet number 67680, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67680.