HANZA Subsidiary Completes Conversion to Logistics Company through Restructuring

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EMS firm HANZA has filed for company restructuring of its subsidiary HANZA Finland, Vaasa Oy, to finalize the transformation of the site into a logistics and service center. During the reconstruction, operations in Vaasa continues according to plan. The measure is not expected to lead to any increased costs for the HANZA Group.

As a final part of the acceleration program Frontrunner, HANZA decided in October 2016 to discontinue the sheet metal manufacturing in Vaasa, Finland, and transform the company into a logistics and service center to support local customers. HANZA Finland, Vaasa Oy has thus been reorganized and downsized during the fourth quarter 2016, while the production is transferred to HANZA's global Manufacturing Clusters.

In parallel, HANZA has agreed on a new deal with the property owner, adapted for the reorganized business. However, this agreement has not been able to be codified, which is why HANZA has decided to apply for a company restructuring in order to create a sustainable business in Vaasa.

"We are transforming the business in Vaasa in close cooperation with customers, employees and business partners, but the cost level of the subsidiary has not yet reached a justifiable level," said Erik Stenfors, CEO. "Through a company restructuring we can continue to work for a sustainable solution in Vaasa, to the benefit of all parties."

The operations in Vaasa will continue as today. The restructuring process is not expected to lead to any additional cost for the transformation of the site into a logistics and service center.