Brief: Purmo: Results Of Consultation Process Relating To Closure Of Hull Plant

Purmo Oyj

13/05/2024 12:42

May 13 (Reuters) - Purmo Group Oyj  PURMO.HE :
    * HAS COMPLETED CONSULTATION PROCESS RELATING TO A CLOSURE
OF HULL
PLANT, WITH PRODUCTION TRANSFER TO GATESHEAD
    * HAS ON 13 MAY 2024 COMPLETED CONSULTATION PROCESS WITH
EMPLOYEE
REPRESENTATIVES
    * FOLLOWING COMPLETION OF PROCESS, COMPANY WILL PROCEED WITH
CLOSURE OF HULL PLANT, WHICH WILL UNFORTUNATELY RESULT IN
TERMINATION OF EMPLOYMENT OF 35 EMPLOYEES
    * PURMO GROUP HULL EMPLOYS 35 PEOPLE IN MANUFACTURING OF LOW
SURFACE-TEMPERATURE RADIATORS, FAN CONVECTORS AND OTHER
COMPONENTS
    * PRODUCTION OF THESE PRODUCTS WILL BE RELOCATED TO
GATESHEAD AND
BIRTLEY PLANTS IN UNITED KINGDOM
    * CLOSURE OF RADIATOR MANUFACTURING AND TERMINATION OF
EMPLOYMENT
CONTRACTS WILL INCUR APPROXIMATELY EUR 2.5 MILLION IN ONE-OFF
COSTS WHICH WILL BE RECOGNISED IN Q2 OF 2024
    * RELOCATION OF MANUFACTURING, INCLUDING REMOVAL, TRANSPORT
AND
INSTALLATION OF EQUIPMENT, TO GATESHEAD AND BIRTLEY WILL
GENERATE APPROXIMATELY EUR 1.0 MILLION IN CAPITAL EXPENDITURE,
IMPACTING CASH FLOW FOR GROUP
    * ACCORDING TO PLAN, PRODUCTION IN HULL WILL CEASE BY END OF
Q2 OF
2024

Source text for Eikon:  ID:nMFN1CLHb8 
Further company coverage:  PURMO.HE 

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