Senvion announces extensive program for the future

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

13.03.2017 / 08:23
The issuer is solely responsible for the content of this announcement.



Senvion announces extensive program for the future

- Program secures wind turbine maker's long-term international competitiveness

- Company plans to reduce number of jobs by 780 worldwide

Hamburg: Senvion, a leading global manufacturer of wind turbines, has presented an extensive program today. It will secure the company's long-term competitiveness. The initiative will identify excess costs across the entire company, opportunities to reduce overcapacity in production, and invest in research and development, new technologies as well as the quality of Senvion's products and services.

The planned measures will lead to a reduction of an estimated 780 jobs, mainly at Senvion's facilities in Husum, Trampe and Bremerhaven in Germany and make the company competitive again. The company will meet with employees' representatives as soon as possible to begin the negotiations. Senvion hopes to agree on a mutually acceptable balancing of interests, and a severance scheme that will make its decision socially compatible.

"We are setting the ground work for the successful future of the company," said Senvion CEO Jürgen Geissinger. "There is no alternative to decisive changes in order to secure the long term competitiveness of our company with 4,100 employees." Senvion in recent years has developed new products, improved processes, and made the required investments. Now we have to follow through on our strategy and pave the ground for future global growth."

"We have consistently highlighted efficiency improvements as one of the core focus points for a successful future. The announced changes are tough but a required step in that direction," adds Senvion CFO Manav Sharma.

The program is part of the company's overall strategy that the management will detail when the company presents 2016 financial results. Senvion already announced plans during the IPO to boost operating results. The program will put Senvion on a path of profitable growth in a difficult environment. Wind turbine makers are under strong price pressure and dealing with a shift in demand from established markets to growth regions in South America and Asia.

About Senvion:
Senvion is a leading global manufacturer of onshore and offshore wind turbines. The company develops, produces and markets wind turbines for almost any location - with rated outputs of 2 MW to 6.15 MW and rotor diameters of 82 metres to 152 metres. Furthermore, the company offers its customers project specific solutions in the areas of turnkey, service and maintenance, transport and installation, as well as foundation planning and construction. The systems are designed at the Senvion TechCenter in Osterrönfeld and manufactured at its German plants in Husum (North Friesland), Trampe (Brandenburg) and Bremerhaven, as well as Portugal. With approximately 4,500 employees worldwide, the company makes use of the experience gained from the manufacture and installation of more than 6,600 wind turbines around the world. The company's operational subsidiary Senvion GmbH is based in Hamburg and represented by distribution partners, subsidiaries and participations in European markets such as France, Belgium, the Netherlands, the UK, Italy, Romania, Portugal, Sweden, and Poland as well as on a global level in the USA, China, Australia, Japan, India and Canada. Senvion S.A. is listed on the Prime Standard of the Frankfurt Stock Exchange.

 

Press contact Senvion:
Immo von Fallois
phone: +49 40 5555 090 3770
mobile: +49 172 6298 408
email: immo.von.fallois@senvion.com
Marie-Danielle Laggner
phone: +49 40 5555 090 3040
mobile: +49 172 27 67 793
email: marie.laggner@senvion.com
 

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



13.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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