Electronics Production |
Elcoteq’s CEO: ‘Building the recovery’
”Year 2009 was very difficult for Elcoteq. After gradual and steady improvement in 2008, Elcoteq entered 2009 not only with a weakened balance sheet, but also with a long-term revolving credit facility that had to be re-financed during the year”, states Jouni Hartikainen, President and CEO of Elcoteq.
To adjust to the difficult global economic situation last year, Elcoteq made the far reaching decision and started an intense restructuring plan in January—including many cost-saving measures, the streamlining of the factory network and a considerable decrease in the headcount.
”No one knows what the economy will look like a year from now. The only thing that is certain is that the markets will keep on changing. Our organization is now lean and flexible and it can transform swiftly to changes”, Jouni Hartikainen continues in saying.
However, he also feels that a ‘confidence gap’ from the customers' side occurred as the EMS-provider struggled with its long-term financing. The restructuring of debt has been completed successfully and the cash flow has been turned to positive (on annual level). “We have built the platform for a solid recovery”, Jouni Hartikainen is confident.
