FLSmidth is reducing its global number of employees by around 500 as part of the business improvement initiatives announced towards the end of 2019.
The Danish cement and mining equipment and services company said the cuts are a consequence of current industry caution and delays tied to large capital investments.
It adds that the move will improve efficiency and adapt to the anticipated business activity in 2020. The reductions will include around 80 staff at FLSmidth's headquarters in Copenhagen, with the other approximately 420 in offices around the world.
FLSmidth CEO Thomas Schulz commented: “Despite a healthy pipeline, this is an unfortunate yet necessary action given the weakening market for large capital investments in 2019 and our ongoing efforts to improve internal efficiency. In connection with Q3, we announced a need to make necessary business adjustments, and we take this step now to position FLSmidth for future profitable growth.”
