Senvion S.A.: Restructuring measures of Senvion Group in order to enhance competitiveness

Senvion S.A. / Key word(s): Restructure of Company

13-March-2017 / 07:57 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Disclosure of an inside information pursuant to Art. 17 of the EU Market Abuse Regulation (EU 596/2014, MAR)

Senvion S.A.: Restructuring measures of Senvion Group in order to enhance competitiveness

Keyword: Restructuring

13 March 2017 / 08:00 CET

The executive board of Senvion S.A. as parent company of Senvion Group decided on 12. March 2017 to implement measures to enhance the competitiveness.

In view of the growing competition and a tougher pricing environment for wind turbines, it is intended to increase the competitiveness of Senvion Group by consolidating the production footprint and by reducing employee and operating expenses.

For this purpose and according to the measures adopted by the executive board of Senvion S.A. parts of the production shall be relocated and several locations in Germany shall be shut down, inter alia the facilities of Senvion GmbH in Husum, in Trampe and the location of PowerBlades GmbH in Bremerhaven. In addition, some employees at other locations shall be reduced as well in order to enhance organizational efficiency.

The measures will lead to a net reduction of about 660 employees (calculated on the basis of full time employees) which will be mostly in Germany.

The executive board of Senvion S.A. assumes that the restructuring will result in a reduction of the employee and operating expenses in total of annually approx. 40 Million Euro . The one-off restructuring costs cannot be specified at the present moment. However, the executive board assumes that the savings will outweigh the restructuring costs by the end of the year 2018 at the latest.

Person making the notification and contact,

Anja Siehler
Position: Senior Manager Capital Markets
Geschäftsanschrift: 46a, Avenue John F. Kennedy - L-1855 Luxembourg - Luxembourg
[Dienstliche E-Mail Adresse: anja.siehler@senvion.com
Dienstliche Telefonnummer:  +352 26 00 - 5285
 

Internet www.senvion.com

ISIN LU1377527517 (Aktie)

WKN A2AFKW

Indices [●]

Listed Regulated Market in Frankfurt (Prime Standard); [any other trading places need to be listed here]




Contact:
Dhaval Vakil
phone: +44 20 7034 7992
mobile: +44 7788 390 185
email: dhaval.vakil@senvion.com

13-March-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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