Cargotec to Restructure Hiab

Cargotec has announced plans to restructure its Hiab crane business in order to improve profitability and “speed up strategy implementation and to ensure long-term competitiveness”.

The changes include ‘adjustments to Hiab’s sales, services and central support organizations’ in order to reduce complexity. Other measures will look at improving efficiency and reduce operational costs.

The company is anticipating laying off around 250 people, of which 45 will be in the Netherlands, 35 in Sweden, 12 in Finland, and 158 in other countries.

Employee cooperation negotiations have already kicked off in the Netherlands, with other negotiations due shortly. The company said that planned measures could result in changes in responsibilities as well as transfers of duties between staff.

The cuts are estimated to generate annual savings of approximately €20 million at a one off cost of €12 million in restructuring costs. Hiab employs around 3,000 people worldwide.

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