Free press releases distribution network?

Agency / Source: Outokumpu OYJ

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!



Outokumpu - OSTP Announces Actions Connected with its Turn-around Plan - OSTP, the Outokumpu and Tubinoxia joint-venture for tubular products, began its operations on 1 October - Outokumpu.com
Outokumpu - OSTP Announces Actions Connected with its Turn-around Plan

 

PRZOOM - /newswire/ - Espoo, Finland, 2011/10/11 - OSTP, the Outokumpu and Tubinoxia joint-venture for tubular products, began its operations on 1 October - Outokumpu.com. OUT1V

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

The company's new board of directors has held its first meeting and has confirmed OSTP's corporate strategy and plans to improve the company's performance.

In OSTP's new strategy, the focus will be on process pipes and butt-weld fittings, consolidating the company's production structure and reducing costs by streamlining its organisation. OSTP will continue to offer customers a wide range of products by complementing its own production with externally-sourced products and grades.

OSTP's managing director Andrea Gatti: "I am confident we can build a bright future for OSTP, but it will not be an easy journey. Tough decisions will be required and unfortunately our personnel will also be affected. Everyone in the management team is committed to ensuring that after the transition period, the new OSTP will be stronger for our employees, our customers and our owners."

Production of process pipes are planned to be consolidated in Jakobstad in Finland and Riyadh in Saudi Arabia while butt-weld fittings to the main part would be produced in Jakobstad and Örnsköldsvik in Sweden according to the plan. Continuation of production at these sites is based on ongoing performance, cost position and the ability to handle additional production quantities.

The production of process pipes and heat exchanger tubes at OSTP's Nyby site in Torshälla in Sweden is planned to be closed down by the end of this year. Some of the production is planned to be transferred to Jakobstad as part of the overall restructuring. OSTP will initiate negotiations with trade union representatives in Nyby immediately and special emphasis will be given to finding good solutions for the employees affected. Support for personnel may include transfers to other locations or help in finding new jobs outside of Outokumpu. Some 100 people are currently employed at the Nyby site. In addition to streamlining the company's production operations, OSTP is also planning to reduce other cost, such as overhead costs.

At OSTP's other operations, in which the focus is on threaded fittings, heavy wall pipes and pressure vessels, work on improving short-term financial performance will continue. These operations are located in Molkom, Storfors and Örnsköldsvik in Sweden, Tallinn in Estonia, Brockville in Canada, and Tuusula in Finland. OSTP plans to divest these businesses by the end of 2012 to release capital and avoid the need for future investment.

The measures planned are expected to result in a visible turnaround in OSTP's financial performance in 2012 and positive operating profit in 2013. In the second quarter of 2011, EUR 65 million of impairments related to OSTP were already booked. Depending on the outcome of the planned statutory negotiations, there might be some marginal impact on Outokumpu's operating profit in the fourth quarter of 2011.

For further information, please contact:

Andrea Gatti, managing director at OSTP, T: +39 010 595 8177, mobile +39 335 606 4896
Kalle Luoto, CFO at OSTP, T: + 358 421 2433, mobile +358 40 552 9682

About OUTOKUMPU OYJ
Outokumpu (outokumpu.com) is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 8 000 people in more than 30 countries. The Group's head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Agency / Source: Outokumpu OYJ

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Manufacturing/Robotics articles,
CATCH Visitors via Your Competitors Announcements!


Outokumpu - OSTP Announces Actions Connected with its Turn-around Plan

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name PRZOOM - Press & Newswire and LINK as the source.
 
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
OUTOKUMPU OYJ |
Contact: Press Office - Outokumpu.com 
+358 9 4211 corporate.info[.]outokumpu.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Outokumpu OYJ securities in any jurisdiction including any other companies listed or named in this release.

Manufacturing/Robotics via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!




Read Latest Press Releases From Outokumpu OYJ / Company Profile


Read Manufacturing/Robotics Most Recent Related Press Releases:

BASF’s iGloss Clearcoat Offers Higher Gloss and Improved Scratch-resistance on Vehicles
The Voith Paper Webshop Simplifies Ordering of Spare Parts and Provides Comprehensive Documentation Options
BASF Begins Production of Palatinol DOTP Plasticizer At its Pasadena, Texas Facility
ADNOC and Borealis Sign Agreement to Extend and Expand Joint Petrochemical Activities in Ruwais
LANXESS Launches New PBT Compound for Battery Components in Electric Cars
Hexagon Manufacturing Intelligence Releases PC-DMIS 2017 R2
BASF Releases Fendona CS Perimeter Pest Solution
Safran Invests in Cailabs - French Disruptive Startup Dedicated to Light Shaping Technologies
Voith Undertakes Pioneering Collaborative Study in Hydropower Modernization with the National University of La Plata, Argentina
Nexans Now Holds 100% of Nippon High Voltage Cable Corporation (NVC)

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
 
NewswireToday Celebrates 10 Years in Business
Find business coaching, life coaching, executive coaching and corporate coaching, best selling coaching books, ...



PREMIUM Members


Visit  BizJobs.com

Visit  RightITnow Ltd

Visit  MagLar, Inc.







 
  ©2017 PRZOOM — Limelon Advertising, Co.
Home | About PRZOOM | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneur newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today