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| Land | Finland |
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Purmo Group Plc | Investor news | May 13, 2024 at 14:30:00 EEST
Purmo Group continues to assess its manufacturing footprint and operational efficiency as a part of its strategy acceleration programme, Accelerate PG. As a consequence, on 10 January 2024, the Group entered into collective consultation with employees in Hull, United Kingdom, regarding a potential site closure and possible collective redundancy.
Purmo Group has on 13 May 2024 completed the consultation process with employee representatives. Following the completion of the process, the company will proceed with the closure of the Hull plant, which will unfortunately result in the termination of employment of 35 employees.
Purmo Group Hull employs 35 people in the manufacturing of low surface-temperature radiators, fan convectors and other components. The production of these products will be relocated to the Gateshead and Birtley plants in the United Kingdom.
The closure of the radiator manufacturing and the termination of the employment contracts will incur approximately EUR 2.5 million in one-off costs which will be recognised in the second quarter of 2024. The relocation of manufacturing, including removal, transport and installation of equipment, to Gateshead and Birtley will generate approximately EUR 1.0 million in capital expenditure, impacting the cash flow for the Group.
According to the plan, production in Hull will cease by the end of the second quarter of 2024.
Further information:
Katariina Kataja, Head of Investor Relations, Purmo Group Plc
Tel. +358 40 527 1427
Distribution:
Principal media
investors.purmogroup.com
About Purmo Group:
Purmo Group is at the centre of the global sustainability journey by offering full solutions and sustainable ways of heating and cooling homes to mitigate global warming. We provide complete heating and cooling solutions to residential and non-residential buildings, including underfloor heating and cooling systems, a broad range of radiators, heat pumps, flow control and hydronic distribution systems, as well as smart products. Our mission is to be the global leader in sustainable indoor climate comfort solutions. Our approximately 3,089 employees operate in 23 countries, manufacturing and distributing top-quality products and solutions to our over 100,000 customers in more than 100 countries. Purmo Group’s shares are listed on Nasdaq Helsinki with the ticker symbol PURMO. More information: www.purmogroup.com.