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Program expected to generate annualized savings of €1.5 million
May 31, 2024
By: Tara Olivo
Associate Editor at Nonwovens Industry
As part of an ongoing transformation journey, Suominen is initiating a restructuring program to reposition the company toward profitable growth. The program is expected to generate annualized savings of €1.5 million with a one-time cost of €2 million and the program is expected to be closed before the end of September 2024. The restructuring program is expected to result in a termination of up to 10 positions in the headquarters and global support functions. The impact will be gradual and in full effect in 2025. “We have been leading our transformation with a systematic and holistic approach since last year. Our new operating model was announced late last year and today our business areas are responsible for both commercial and supply chain, and with this structure we are able to be more efficient, focused, and agile. The program announced today is a continuation of this transformation and will support our ability to achieve necessary financial and process improvements as we move forward,” says Tommi Björnman, president & CEO. The employee consultation processes will start in accordance with local legislation. Klaus Korhonen, EVP, HR & Legal and a member of the Executive Management Team has decided to leave Suominen to pursue new opportunities outside the company. “I want to thank Klaus for his contribution in leading and developing Suominen’s HR and Legal functions and as a valuable member of our Executive Management Team. I wish Klaus all the best in his future,” says Björnman. Following this change, the composition of Suominen’s Executive Management Team will be as of May 31, 2024:
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