Purmo Group Plc | Press Release | November 28, 2023 at 15:30:00 EET
As a part of its strategy acceleration programme, Accelerate PG, and in response to overcapacity in the panel radiator market, on 11 May 2023, Purmo Group entered into consultation with employee representatives regarding its intention to discontinue the production of panel radiators at its plant in Zonhoven, Belgium.
Purmo Group has on 28 November 2023 completed the consultation process with employee representatives. Following the completion of the process, the company will proceed according to the plan concerning the closure of the radiator production and maintenance departments in Zonhoven. Consequently, the termination of the employment of 136 employees follows. Purmo Group Belgium employed 226 people in the manufacturing of steel panel radiators, warehousing and distribution as well as in customer service, sales and support functions.
The closure of the radiator manufacturing and the terminations of the employment contracts will incur approximately EUR 30.0 million in one-off costs which will be recognised in the fourth quarter of 2023.
According to the plan, part of the radiator production in Zonhoven will cease by the end of the fourth quarter of 2023, and the remainder by the end of the first quarter of 2024.
Further information:
Katariina Kataja, Head of Investor Relations, Purmo Group Plc
Tel. +358 40 527 1427
Distribution:
Principal media
investors.purmogroup.com
About Purmo Group:
Purmo Group is at the centre of the global sustainability journey, offering full solutions and sustainable ways of heating and cooling homes to mitigate global warming. We provide complete heating and cooling solutions to residential and non-residential buildings, including underfloor heating and cooling systems, a broad range of radiators, heat pumps, flow control and hydronic distribution systems, as well as smart products. Our mission is to be the global leader in sustainable indoor climate comfort solutions. Our approximately 3,170 employees operate in 24 countries, manufacturing and distributing top-quality products and solutions to our customers in more than 100 countries. Purmo Group's shares are listed on Nasdaq Helsinki with the ticker symbol PURMO. More information: www.purmogroup.com.
