Huhtamaki to reorganize rigid plastic operations, axe workforce by 170

Finland-headquartered consumer and specialty packaging company, Huhtamaki is set to reorganize its rigid plastic Consumer Goods operations in Europe and Oceania as a separate, stand alone entity. This reorganization will result in axing of roughly 170 employees in H1 - 2009 but will improve the competitiveness of the business and reduce the cost base by EUR 8 mln per annum, the company said. A one-time restructuring charge of EUR 8 mln will be recorded for these measures in the Q4 - 2008. As per the company statement, Huhtamaki books restructuring and impairment charges of EUR 159 mln in the Q4 - 2008 and updates 2008 Group EBIT outlook to approximately EUR 90 mln, before impact of any restructuring and impairment charges.
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