Huhtamaki is now considering to close and write-off non-competitive production lines. In addition, the company plans to speed-up actions to improve productivity by investing further in automation.
The company estimates that the effect of write-offs and other actions amounts to approximately EUR 30 million, which would be reported as items affecting comparability (IAC) in the fourth quarter 2018. The planned actions are estimated to result in annual improvements of approximately EUR 15-18 million with full impact in 2020.
"With these actions we plan to improve our productivity and efficiency, and ensure we are well positioned to continue implementing our profitable growth strategy," says CEO Jukka Moisio. "We continue to see good growth opportunities in food and drink packaging."