October 21, 2019 08:30 CEST
The restructuring mainly involves closure of the production facility for handheld drilling consumables in Shandong, China, and divestment of certain assets. It is expected to be finalized by year-end 2019. The business has annual revenues of approximately MSEK 125, and about 300 employees will be affected.
“It is unfortunate that some of our employees are negatively affected. However, this restructuring is necessary to ensure our long-term competitiveness,” said Helena Hedblom, Senior Executive Vice President Mining and Infrastructure. “We continue to optimize our product portfolio to focus on strategic core areas.”
As previously communicated, in September Epiroc completed the divestment of its geotechnical consumables product line.
The restructured and divested businesses are part of the Rock Drilling Tools division in the Tools & Attachments segment, and related costs of MSEK 179 have been booked in the third quarter.
For more information please contact:
Ola Kinnander, Media Relations Manager
+46 70 347 2455
Karin Larsson, Vice President Investor Relations
+46 10 755 0106
Epiroc is a leading global productivity partner for the mining and infrastructure industries. With cutting-edge technology, Epiroc develops and produces innovative, safe and sustainable drill rigs, rock excavation and construction equipment and tools. The company also provides world-class service and solutions for automation and interoperability.
Epiroc is based in Stockholm, Sweden, had revenues of SEK 38 billion in 2018, and has more than 14,000 passionate employees supporting and collaborating with customers in more than 150 countries. Learn more at www.epirocgroup.com.