Alfa Laval’s LHE Brand Intends to Close its Manufacturing in Qingdao, China
March 19 2015 - 8:11AM
Business Wire
Regulatory News:
Alfa Laval Group (STO:ALFA)– a world leader in heat transfer,
centrifugal separation and fluid handling – has today announced
that LHE will initiate structural changes to secure long-term
competitiveness. The initiative is part of the savings program
announced by Alfa Laval in October 2014.
LHE, a South Korean company within the Alfa Laval Group, intends
to close its Chinese manufacturing operations and move the
production of heat exchangers from Qingdao to its existing site in
Busan, South Korea.
The intention is to close the site in Qingdao by end of April,
2015. The change will affect about 40 employees. LHE will actively
work to minimize the negative impact for the affected employees,
and the process will be carried out in line with the legal
requirements in China.
Only LHE’s manufacturing in Qingdao is affected by this
initiative, the rest of Alfa Laval’s production in Qingdao remains
unchanged.
Did you know that…Alfa Laval in October 2014 announced a
restructuring package estimated to reach a level of savings of SEK
300 million on an annual basis during the fourth quarter of
2015?
About Alfa Laval Group
Alfa Laval is a leading global provider of specialized products
and engineering solutions based on its key technologies of heat
transfer, separation and fluid handling.
The company’s equipment, systems and services are dedicated to
assisting customers in optimizing the performance of their
processes. The solutions help them to heat, cool, separate and
transport products in industries that produce food and beverages,
chemicals and petrochemicals, pharmaceuticals, starch, sugar and
ethanol.
Alfa Laval’s products are also used in power plants, aboard
ships, oil and gas exploration, in the mechanical engineering
industry, in the mining industry and for wastewater treatment, as
well as for comfort climate and refrigeration applications.
Alfa Laval’s worldwide organization works closely with customers
in nearly 100 countries to help them stay ahead in the global
arena.
Alfa Laval is listed on Nasdaq OMX, and, in 2014, posted annual
sales of about SEK 35.1 billion (approx. 3.85 billion Euros). The
company has about 18 000 employees.
www.alfalaval.com
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Alfa LavalPeter TorstenssonSenior Vice President,
CommunicationsTel: + 46 46 36 72 31Mobile: +46 709 33 72
31orGabriella GrotteInvestor Relations ManagerTel: +46 46 36 74
82Mobile: +46 709 78 74 82
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