Brief: Suominen Consults On Permanently Closing Manufacturing At Mozzate Plant

Suominen Oyj

10/01/2023 07:43

Jan 10 (Reuters) - Suominen Oyj  SUY1V.HE :
    * REG-INSIDE INFORMATION: SUOMINEN INITIATES CONSULTATION
PROCEDURE CONCERNING A PLAN TO PERMANENTLY CLOSE MANUFACTURING
AT ITS MOZZATE PLANT IN ITALY ~
    * PLAN IS PRODUCTION WOULD END DURING Q2 OF 2023
    * CONSULTATION WILL BE CONDUCTED IN ACCORDANCE WITH ITALIAN
LEGISLATION, APPLICABLE NATIONAL COLLECTIVE AGREEMENT, IS AIMED
TO BE COMPLETED WITHIN 90 DAYS
    * MOZZATE SITE CURRENTLY EMPLOYS 92 PEOPLE
    * FINANCIAL IMPACTS OF POTENTIAL CLOSURE SEEN AT ABOUT EUR 9
MILLION IN ONE-TIME CASH COSTS IN 2023-24
    * ONE-TIME NET NON-CASH COSTS ARE EXPECTED TO BE ABOUT EUR 3
MILLION OF WHICH ABOUT EUR 4.5 MILLION WILL BE POSTED IN
Q4/2022, ABOUT EUR -1.5 MILLION IN 2023-24
    * PLAN IS EXPECTED TO YIELD A POSITIVE EBITDA IMPACT OF
APPROX.
EUR 3 MILLION ON AN ANNUALIZED BASIS

Source text for Eikon:  ID:nGNE5qjxTD 
Further company coverage:  SUY1V.HE 
 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))