Dan's Biz Bookshelf: 'Revenge of the Tipping Point'
Marcy's Musings: Engineering Economics
Punching Out: Should You Sell Your Company to a Private Equity Firm?
HANZA Subsidiary Completes Conversion to Logistics Company through Restructuring
January 13, 2017 | HANZA Holding ABEstimated reading time: 1 minute
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.
Share on:
Suggested Items
HANZA's Principal Owner Increases its Holding
10/14/2024 | HANZAHANZA’s main shareholder Färna Invest AB, owned by Gerald Engström, has purchased 380,000 shares in HANZA AB during September and owns 9,980,000 shares in the company at the end of September, corresponding to 22.86%. This is according to data as of 2024-09-30 from Euroclear.
HANZA Honored with Cyber Champion Award
10/08/2024 | HANZAHANZA Group has been awarded the prestigious Cyber Champion Award by our Security Operations Center (SOC) provider, Neverhack Estonia, at the Security Summit 2024 in Estonia.
HANZA CEO Erik Stenfors Increases Stake in Company
09/26/2024 | HANZAErik Stenfors, CEO of HANZA, a leading global provider of advanced manufacturing services, has purchased 8,000 shares in the company.
HANZA to Implement Sustainable Manufacturing Solution for Mitel
09/12/2024 | HANZAHANZA has signed a strategic agreement with Mitel Networks Corp, a Canadian telecommunications company, under which HANZA will relocate manufacturing from China to Europe.
HANZA Signs MIG Agreement with a German Company
08/20/2024 | HANZAHANZA, a leading global contract manufacturer, specializing in supply chain optimization, has signed a strategic manufacturing agreement with a German company to streamline the supply chain for an entire product line.