Huhtamaki initiates efficiency improving measures to improve competitiveness

Huhtamäki Oyj has initiated efficiency improving measures in order to improve competitiveness within its Foodservice Europe-Asia-Oceania -segment. Employee cooperation procedures have been initiated within the Group's Foodservice units in Hämeenlinna, Finland and Epping, South Africa. In addition, a cost savings program has been initiated within the Films business segment.

A non-recurring charge of approximately EUR 10 million will incur during 2013 to cover the costs of the measures, the majority of which will be booked during the first half of the year. Approximately EUR 5 million of the costs are cash costs and the outflow is expected to take place during 2013. The targeted annual cost savings are EUR 6 million. The majority of the savings will materialize in the Group's results in 2014.

Source: Huhtamaki