Alfa Laval’s LHE Brand Intends to Close its Manufacturing in Qingdao, China
March 19, 2015 | By Business Wire News
LUND, Sweden
Regulatory News:
Alfa Laval Group (STO:ALFA)– a world leader in heat transfer, centrifugal separation and fluid handling – has today announced that LHE will initiate structural changes to secure long-term competitiveness. The initiative is part of the savings program announced by Alfa Laval in October 2014.
LHE, a South Korean company within the Alfa Laval Group, intends to close its Chinese manufacturing operations and move the production of heat exchangers from Qingdao to its existing site in Busan, South Korea.
The intention is to close the site in Qingdao by end of April, 2015. The change will affect about 40 employees. LHE will actively work to minimize the negative impact for the affected employees, and the process will be carried out in line with the legal requirements in China.
Only LHE’s manufacturing in Qingdao is affected by this initiative, the rest of Alfa Laval’s production in Qingdao remains unchanged.
Did you know that…Alfa Laval in October 2014 announced a restructuring package estimated to reach a level of savings of SEK 300 million on an annual basis during the fourth quarter of 2015?
About Alfa Laval Group
Alfa Laval is a leading global provider of specialized products and engineering solutions based on its key technologies of heat transfer, separation and fluid handling.
The company’s equipment, systems and services are dedicated to assisting customers in optimizing the performance of their processes. The solutions help them to heat, cool, separate and transport products in industries that produce food and beverages, chemicals and petrochemicals, pharmaceuticals, starch, sugar and ethanol.
Alfa Laval’s products are also used in power plants, aboard ships, oil and gas exploration, in the mechanical engineering industry, in the mining industry and for wastewater treatment, as well as for comfort climate and refrigeration applications.
Alfa Laval’s worldwide organization works closely with customers in nearly 100 countries to help them stay ahead in the global arena.
Alfa Laval is listed on Nasdaq OMX, and, in 2014, posted annual sales of about SEK 35.1 billion (approx. 3.85 billion Euros). The company has about 18 000 employees.
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Alfa Laval
Peter Torstensson
Senior Vice President, Communications
Tel: + 46 46 36 72 31
Mobile: +46 709 33 72 31
or
Gabriella Grotte
Investor Relations Manager
Tel: +46 46 36 74 82
Mobile: +46 709 78 74 82
