Helsinki, Finland, 2015-02-16 11:00 CET (GLOBE NEWSWIRE) -- VAAHTO GROUP PLC OYJ PRESS RELEASE 16.2.2015 at 12.00
VAAHTO GROUP’S FINANCIAL SITUATION HAS BEEN STABILIZED, COST AND OPERATIONS ADJUSTING PROGRAM STARTS
As announced today by stock exchange release, the financial situation of Vaahto Group Plc Oyj has been stabilized. Stabilization of the financial situation secures the operations of the group in a medium-term.
Especially in the near past, the operations of the company have suffered from extremely difficult cash flow situation. “It is clear that the financial situation of the company has worsened the daily operations and undermined confidence towards the company”, says CEO Topi Karppanen. After the stabilization of the financial situation, he considers that Vaahto Group is able to restore the confidence of the different stakeholders, especially customers and product and service suppliers.
Now Vaahto Group Plc Oyj focuses Process Technology business, according to its strategy. The Group engages in Process Technology business through subsidiaries, Japrotek Oy Ab and Stelzer Rührtechnik International GmbH.
As part of the stabilization of the financial situation, Vaahto Group starts cost and operations adjusting program. Target of the program is to cut annual costs by over 800,000 euros. Program will be executed during year 2015 and costs of the program will be 395,000 euros, at the most. Targeted annual savings of 800,000 will be fully visible during year 2016. Implementation of the program will not affect to the ability of Vaahto Group to serve customers and other stakeholders.
In Lahti 16.2.2015
VAAHTO GROUP PLC OYJ
Topi Karppanen
CEO
Additional Information:
Topi Karppanen, CEO, Vaahto Group Plc Oyj +358 40 5001957