Suominen Unveils Strategic Cost-Cutting Initiative for Future Growth
Suominen Corporation Launches Cost-Saving Program
Suominen Corporation announces an important initiative aimed at securing its profitable growth and long-term competitiveness. This cost-saving program is designed to streamline operations and reduce structural costs across its global functions.
CEO Tommi Björnman's Vision for Sustainability
In a recent statement, Tommi Björnman, the President & CEO of Suominen, emphasized the significance of this program: "We are launching a cost-saving program to address our structural costs across operations and global functions to secure profitable growth. This is a necessary step to improve our competitiveness and profitability, as we continue investing in innovation and sustainability, collaborating closely with our customers." This approach is part of Suominen’s commitment to remain a leader in nonwovens innovation while ensuring the long-term success of the company.
Projected Savings and Employment Impact
The cost-saving program is projected to yield savings of approximately EUR 10 million, with these savings anticipated to materialize over the next two years. The initiative is expected to impact up to 60 positions globally, with the process adhering to local consultation procedures. These measures reflect Suominen's careful approach to balancing cost efficiency with its dedication to maintaining a capable workforce.
Investing in Innovation and Sustainability
Suominen is committed to continuing its investments in innovative processes and sustainable practices. Their products, particularly nonwovens manufactured as roll goods for wipes and various applications, are integral to everyday life and utilized globally.
Company Profile and Market Position
With a strong presence in Europe and the Americas, Suominen has established itself as a frontrunner in the nonwovens sector. The company recorded net sales of EUR 462.3 million in 2024, and employs over 700 professionals who drive its mission forward. The company's shares are listed on Nasdaq Helsinki under the ticker symbol Helsinki:SUY1V.
Future Outlook
As Suominen embarks on this new path, the cost-saving initiative is an essential component of a broader strategy aimed at enhancing competitiveness and embracing innovative solutions. By fostering collaboration with customers and focusing on sustainability, Suominen is poised for a successful evolution in the industry.
Frequently Asked Questions
What is the primary goal of Suominen's cost-saving program?
The program aims to secure profitable growth and enhance long-term competitiveness by reducing structural costs.
How much in savings is Suominen expecting from this program?
Suominen anticipates achieving savings of approximately EUR 10 million over the next two years.
What impact will the cost-saving program have on employment?
The program may affect up to 60 positions globally, following local consultation procedures.
How does Suominen continue to prioritize innovation?
Suominen invests consistently in innovation and sustainability to maintain its position as a leader in nonwovens.
Where are Suominen's products used?
The nonwovens produced by Suominen are utilized in various applications, including wipes, and impact daily life across the globe.
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