Nurminen Logistics Plc Stock exchange release 8 November 2013 at 1:00 p.m.
Nurminen Logistics has concluded the statutory co-determination negotiations on the efficiency programme announced by the company on 20 September 2013. The aim of the efficiency improvement programme is to improve profitability, competitiveness and operational requirements in a challenging business environment.
The company will merge the Transit Logistics units in Kotka and Hamina into the Forwarding and Value Added Services business unit, in which three new business lines will be created. The new business lines are Forwarding, Cargo Handling and Neutral Logistics Outsourcing (4PL). Topi Saarenhovi, President and CEO, will be responsible for the new merged business unit. Mike Karjagin has been appointed as the head of the Forwarding business line, Risto Holopainen as the head of the Cargo Handling business line and Janne Lehtimäki as the head of the Neutral Logistics Outsourcing (4PL) business line. The new business line heads will assume their positions on 11 November 2013.
The terminal in Vainikkala will be closed down and the terminal functions will be transferred to the Luumäki terminal. Forwarding functions will continue in Vainikkala.
The above restructuring will result in changes in Nurminen Logistics’ Executive Board. As of 11 November 2013, the line-up of Nurminen Logistics Plc’s Executive Board will be as follows: Topi Saarenhovi (President and CEO), Paula Kupiainen (CFO), Fedor Larionov (Senior Vice President, Railway Logistics) and Hannu Vuorinen (Senior Vice President, Special Transports and Projects).
The need for personnel reductions is estimated to be 40 employees at most. Retirements and relocation within the Group may have effects on the need for reductions. Nurminen Logistics had a total of 246 employees in Finland on 30 June 2013.
The annual savings from reductions that will be made on the basis of the negotiations are about EUR 2 million starting from 2014. The non-recurring expenses arising from the need for personnel reduction amount to approximately EUR 600 thousand, which will be recognised for the last quarter of 2013.
The efficiency programme will have no impact on the company’s business or service portfolio.
These changes have no effect on Nurminen Logistics Plc’s financial reporting on 2013. The reported segments are Forwarding and Value Added Services, Special Transports and Projects, Railway Logistics and Transit Logistics.
Nurminen Logistics Plc
Topi Saarenhovi
President and CEO
For more information, please contact: Topi Saarenhovi, President and CEO, tel. +358 10 545 2431.
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www.nurminenlogistics.com
Nurminen Logistics provides high-quality logistics services, such as railway transport, terminal services, forwarding, special and heavy transport and value-added services. The company has accumulated logistics know-how in three centuries, starting in 1886. Nurminen Logistics’ main market areas are Finland, the Baltic Sea region, Russia and other Eastern European countries. The company’s share is listed on NASDAQ OMX Helsinki.