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LNZ - Lenzing AG News Story

€45.8 0.6  1.2%

Last Trade - 25/09/20

Basic Materials
Mid Cap
Market Cap £1.10bn
Enterprise Value £1.89bn
Revenue £1.67bn
Position in Universe 342nd / 1042

UPDATE 1-Lenzing to cut up to 250 jobs, mainly in Austria

Fri 28th November, 2014 7:53am
(Adds details, background) 
    VIENNA, Nov 28 (Reuters) - Viscose fibre maker Lenzing 
 LENV.VI  will cut up to 250 jobs, mainly at its Lenzing site in 
Austria, as it cuts costs due to low fibre prices, the company, 
which has been expanding its savings programme, said on Friday.  
    Lenzing has said it was planning to cut 600 full-time 
equivalent jobs globally in 2014 and 2015.  ID:nL6N0T317S  
    "Lenzing will try to avoid layoffs and strive to reach a 
mutually acceptable solution with the affected employees as it 
succeeded in doing (in the past)," it said in a statement. 
    Details of which jobs will be affected by the cuts will be 
determined early next year, Lenzing said. 
    This month, Lenzing said cost cuts helped it increase 
quarterly earnings, adding it would counter the impact of a 
market swamped with cheap Chinese and Indian viscose with 
savings and possible price reductions. 
    Lenzing, which produces specialised fibres used in clothes 
and hygienic products, has said it expected cost savings to 
exceed its targeted 90 million euros in 2014 and to reach its 
annual target of at least 160 million euros in 2016. 
 (Reporting By Shadia Nasralla, editing by William Hardy) 
 ((Shadia.Nasralla@thomsonreuters.com; +43 664 390 6505; Reuters 
Messaging: shadia.nasralla.thomsonreuters@reuters.net)) 
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