Around 230 jobs will go as part of Cargotec's latest cost-cutting program.

Cargotec confirms negotiations have been finalised resulting in restructuring of operations at its MacGregor subsidiary, with a reduction of 230 full-time equivalents globally.

The redundancies are part of a EUR25 million (USD26.8 million) program launched in October, 2016.

The measures will mostly affect MacGregor operations in China, Finland, Norway, Singapore and Sweden.  
 
In addition to these measures, and as part of the MacGregor strategy of applying an asset-light business model, MacGregor has executed an agreement to sell assets of its production facility in Uetersen, Germany to a newly founded company, Uetersener Maschinenfabrik GmbH. The deal was closed on 30 December 2016 and sees 79 production team members transfer to the new company. 
 
Cargotec says the measures will result in restructuring costs of EUR 31.5 million (USD33.8 million) in the final quarter of 2016. 
 
"These are difficult steps we are taking, and they will affect people who have contributed to MacGregor's success. However, we need to adapt to the current reduced demand whilst maintaining our industry leadership position. Taking into account the current market environment, we aim to be profitable with these measures," says Michel van Roozendaal, president of MacGregor. 

"At the same time, we continue to invest in new segments where our presence has been limited in the past, as well as in new technology. We also put a lot of focus on our service business, and maintain a connection with our customers throughout the whole lifecycle of their assets and offer solutions to improve our customers' operations.  We have an extremely strong competency in order to help our customers operate more efficiently," he adds.