In February, HKScan initiated statutory negotiations that affected all white-collar employees and management in all operating countries, as part of a program to boost operational efficiency (Stock exchange release 6.2.2019). Negotiations followed the legal requirements of each country.
HKScan has now completed country-specific reviews in all markets. The statutory negotiations for Finland were completed in April 2019 (Stock exchange release 3.4.2019).
In total, HKScan reduced its headcount by 183 employees in all markets, including the Swedish headcount reduction of 69. The headcount reduction will be implemented by terminating fixed-term and permanent employment relationships and through retirement arrangements.
With the implemented measures HKScan aims to achieve Group-wide annual savings totalling EUR 10 million. The savings are expected to materialize on a phased basis starting in Q4 2019 and take full effect at the beginning of 2020.
“Our resolute focus is on strengthening our financial situation. As a result of the Group-wide negotiations, the roles and responsibilities in the organization will be clarified and cost competitiveness will be improved. We will utilize the ideas received from our employees to improve our operations in the future,” says HKScan CEO Tero Hemmilä.
