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Aspocomp to close its Teuva plant
The statutory labor co-determination negotiations concerning all Aspocomp Group Plc personnel at the Teuva plant, launched in October, has been concluded, resulting in redundancies and the closure of the plant.
A total of 34 personnel, consisting of 28 non-salaried and 6 salaried employees, will be made redundant and production at the Teuva plant will be closed down. Two persons resigned during negotiations. A decision was taken to consolidate Aspocomp’s production and development in Finland to the company’s Oulu plant.
The negotiations were launched as a part of Aspocomp’s strategic transformation, so that the company can meet customers’ demand throughout the product life cycle and improve its own factory’s utilization and profitability better than before.
The company expects that combining production and development in Finland will yield annual savings of approximately EUR 0.9 million. It is expected that the closing of the Teuva plant will not affect the company’s net sales or its development in the coming years. The closing of the Teuva plant will generate a one-time cost of about EUR 1.5 million to be recognized in the last quarter of 2014.
