Suominen Corporation's stock exchange release on May 31, 2024 at 10:00 a.m. EEST
As part of the ongoing transformation journey Suominen initiates a restructuring program to reposition the company toward profitable growth. The program is expected to generate annualized savings of EUR 1,5 million with a one-time cost of EUR 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 Tommi Björnman.
Following this change, the composition of Suominen's Executive Management Team will be as of May 31, 2024:
- Tommi Björnman, President & CEO
- Janne Silonsaari, CFO
- Markku Koivisto, EVP, EMEA & CTO
- Thomas Olsen, EVP, Americas
- Jonni Friman, EVP, TMO
SUOMINEN CORPORATION
Board of Directors
For more information, please contact:
Tommi Björnman, President & CEO, tel. +358 10 214 3018
Suominen manufactures nonwovens as roll goods for wipes and other applications. Our vision is to be the frontrunner for nonwovens innovation and sustainability. The end products made of Suominen's nonwovens are present in people's daily life worldwide. Suominen's net sales in 2023 were EUR 450.9 million and we have nearly 700 professionals working in Europe and in the Americas. Suominen's shares are listed on Nasdaq Helsinki. Read more at www.suominen.fi.
