Monday January 17, 2022
Terrafame´s cost saving move to affect 680 workers
Published : 11 Jan 2022, 01:45
Updated : 11 Jan 2022, 02:21
Terrafame, a subsidiary of Finnish Minerals Group on Monday issued an invitation to change negotiations on production-related and financial grounds, which will affect about 680 manual employees including reduction of up to 75 person-years.
The codetermination negotiations have been initiated as Terrafame pursues annual savings of EUR 10 million, said the company in a press release.
Terrafame has more than 800 permanent employees, and the negotiations will mainly affect clerical employees and senior clerical employees.
The negotiations will begin on 17 January 2022 and are estimated to last until at least late February 2022 in accordance with the legislation and collective agreements.
“In 2021, we concluded a significant investment and launched the new battery chemicals plant. The plant serves the globally growing electric mobility market, which constantly needs more responsible battery materials. Terrafame is on a path towards new business, but all of our operations must be efficient and profitable even during business expansion. To ensure financially sustainable business in the future, it is now necessary to take the needed cost saving measures,” said Joni Lukkaroinen, Chief Executive Officer of Terrafame.