Alfa Laval: launches one year cost cutting plan due to virus
(CercleFinance.com) - Swedish engineering firm Alfa Laval said on Tuesday that it is launching a cost-reduction program to address the impact of the COVID-19 pandemic.
While the company believes the impact on its financial performance over the first quarter will be "limited," it is now preparing for "a more challenging business environment," it said in a statement.
The program, starting from 1 April, is expected to gradually reach fixed costs savings of over 1 billion Swedish kronor (about 90 million euros) on a 12-month basis.
The plan includes work time reduction, aggressive travel cost reductions, and cutbacks on external consultants by putting initiatives on hold.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
While the company believes the impact on its financial performance over the first quarter will be "limited," it is now preparing for "a more challenging business environment," it said in a statement.
The program, starting from 1 April, is expected to gradually reach fixed costs savings of over 1 billion Swedish kronor (about 90 million euros) on a 12-month basis.
The plan includes work time reduction, aggressive travel cost reductions, and cutbacks on external consultants by putting initiatives on hold.
Copyright (c) 2020 CercleFinance.com. All rights reserved.