Metso Declared Major Restructuring of its Metals Sector Operations

SEATTLE (Scrap Monster): Helsinki, Finland-headquartered Metso Outotec announced plans to reorganize its metal sector operations. The move is expected to affect the company’s scrap processing equipment division and is said to be part of a turnaround program announced earlier.

The reorganization is aimed at creating a real-time operational model for Metals capital and services in order to meet the specific customer demands of refining segment. The restructuring will help the company to manage its offering and resources in a more efficient way. Furthermore, it will boost metals sector’s competitiveness and financial performance, said Jari Algars, President-Metals business unit, Metso Outotec.

According to the company, nearly 1,100 employees belonging to its Metals capital and service business will be within the scope of the announced restructuring plan. As of now, the restructuring is feared to lead to a maximum of 160 layoffs across its global operations. The final impact of the restructuring will become clear only during the initial quarter of 2021, further to which actions will be taken in compliance with the laws of respective countries, it said.

Earlier in November this year, the company had decided to divest its recycling business, as part of its efforts to boost profitability.

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