ACTION PLAN FOR ASPO SYSTEMS DIVISION
2006-08-24T07:32:00 CETASPO Plc STOCK EXCHANGE BULLETIN August 24, 2006 at 8:30 a.m.
Aspo's Board of Directors has approved an action plan for the Systems Division, which has failed to meet its earnings targets in the first half of the year. The aim of the plan is to improve efficiency, cut the costs of the Autotank Group and ensure positive earnings development.
The planned actions concern Autotank's operations in Finland and Sweden. In Finland, the intention is to close down the production line at Porvoo and integrate logistics with the Tampere site. In Sweden, the aim is to concentrate maintenance operations and improve their efficiency. Furthermore, the intention is to streamline the Swedish operations through a merger of the present four separate legal companies. As part of the action plan, negotiations under the Act on Co-operation Within Undertakings have been initiated. There is an estimated need for personnel reductions concerning approximately 20 people within the Autotank Group.
The action plan aims to achieve annual cost savings of at least EUR 1.5 million. The plan is estimated to generate non-recurring expenses of approximately EUR 0.6 million, which are expected to be realized in the third quarter.
The Systems Division comprises Autotank Ltd and its subsidiaries. Autotank is the leading Nordic provider of maintenance services and automation systems for service stations. Autotank has subsidiaries in Sweden, Norway, Estonia, Latvia, Lithuania and Poland and a joint venture in Russia.
ASPO Plc
Gustav Nyberg
CEO For more information, contact:
Gustav Nyberg, CEO, Aspo Plc, tel. +358 9 7595 256, +358 40 503 6420 or
Peter Hutton, President of Autotank Ltd, tel. +358 40 753 0263
Distribution:
Helsinki Stock Exchange
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