In a restructuring and savings effort, Finnish elevator manufacturer Kone has announced plans to cut around 1,000 jobs globally, with 150 of those in Finland.
Citing a "changing operating environment," the firm said it expects its planned refresh will gradually bring annual savings of 100 million euros, starting at the second half of this year.
The company said the planned changes would help strengthen its competitiveness and customer focus.
Kone's CEO and President, Henrik Ehrnrooth, said in a statement issued on Thursday that rapidly changing environments provide opportunities for the company.
"With a simpler operating model, strengthened accountability, combined with our leading product and services platforms, we aim to improve our growth and profitability. By speeding up the execution of our strategy we can further increase the value we create for our customers," Ehrnrooth said in the statement.
The anticipated job cuts will reflect a 1.6 percent reduction in its global workforce of more than 63-thousand employees.
News service Reuters noted that Kone announced that its Q4 2022 earnings were stronger than expected, but that orders were below analyst expectations.
CEO Ehrnrooth said the company expects its markets in China to improve towards the end of the first half of this year, adding that demand is also anticipated to grow elsewhere in Asia and the Middle East.
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