Ahlstrom says to expand its rightsizing program from the previously announced €35 million to €50 million it needs to cut more jobs. Most will occur by the end of 2014, and the full impact of the program is expected to be visible in 2015.
As a result of the planned program, Ahlstrom's personnel is estimated to be reduced by approximately 400 people globally at the maximum, instead of the earlier estimated 350 people as communicated with the previous cost savings target on August 7, 2013.
"Improving our financial performance is our highest priority this year. The earlier announced program is proceeding as planned, but to deliver the targeted profitability improvement, we need to further reduce our costs now that the major transactions relating to our specialty paper and wipes businesses have been completed, " says Jan Lång, president and CEO.