Ahlstrom to initiate restructuring program aiming at annual cost reductions of EUR 50 million
Ahlstrom Corporation STOCK EXCHANGE RELEASE 29.4.2009
Ahlstrom Corporation, a leading manufacturer of specialty papers and nonwovens, announces that, in order to adapt its operations to the challenging market conditions, it will initiate a further restructuring program with the aim of gaining annual cost reductions of EUR 50 million with full effect in 2010.
The company will review its underperforming units and the overall cost structure, which may impact 400-500 Ahlstrom employees globally. The decisions related to individual actions will be made during 2009 and will be disclosed respectively.
The cost of the program is estimated to be approximately EUR 40 million in 2009, of which 50% will be cash-related.
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Ahlstrom in brief
Ahlstrom is a global leader in the development, manufacture and marketing of high performance fiber-based materials. Nonwovens and specialty papers, made by Ahlstrom, are used in a large variety of everyday products, such as filters, wipes, flooring, labels, and tapes. Based upon its unique fiber expertise and innovative approach, the company has a strong market position in several business areas in which it operates. Ahlstrom's 6,100 employees serve customers via sales offices and production facilities in more than 20 countries on six continents. In 2008, Ahlstrom's net sales amounted to EUR 1.8 billion. Ahlstrom's share is quoted on the NASDAQ OMX Helsinki. The company website is at www.ahlstrom.com.