Brief: Huhtamaki To Close Production Sites In Tianjin, Shanghai By End Of Q2

Huhtamaki Oyj

05/03/2024 07:08

March 5 (Reuters) - Huhtamaki Oyj  HUH1V.HE :
    * TO CONSOLIDATE ITS PRODUCTION FOOTPRINT IN CHINA
    * IS PLANNING TO CONSOLIDATE PRODUCTION FOOTPRINT IN CHINA
IN
FIBER FOODSERVICE EUROPE-ASIA-OCEANIA SEGMENT, WILL CLOSE ITS
PRODUCTION SITES IN TIANJIN AND SHANGHAI BY END OF Q2 2024
    * PRODUCTION WILL BE TRANSFERRED TO MANUFACTURING SITE IN
GUANGZHOU
    * ADDITIONALLY, HUHTAMAKI CONTINUES PRODUCTION AT SITE IN
XUZHOU
    * DECISION AFFECTS 154 EMPLOYEES IN TWO SITES
    * AIM OF CONSOLIDATION IS TO OPTIMIZE MANUFACTURING
FOOTPRINT,
IMPROVE COMPETITIVENESS AND STRENGTHEN FOUNDATION FOR FUTURE
GROWTH IN REGION
    * ANNOUNCED CHANGE IS PART OF HUHTAMAKI'S PROGRAM TO
ACCELERATE
STRATEGY IMPLEMENTATION, ANNOUNCED IN NOVEMBER 2023, EXPECTED TO
MATERIALLY SUPPORT PROFITABILITY OF HUHTAMAKI WITH EFFICIENCY
IMPROVEMENTS LEADING TO SAVINGS OF APPROXIMATELY EUR 100 MILLION
OVER NEXT THREE YEARS
    * TIANJIN AND SHANGHAI PRODUCTION SITES PLANNED TO BE CLOSED
DO
NOT REPRESENT A MATERIAL SHARE OF SALES OR PROFITS OF HUHTAMAKI

Source text for Eikon:  ID:nGNE2SmMlp 
Further company coverage:  HUH1V.HE 

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