Based on the preliminary estimates provided by the company, it has been observed that there might be a necessity to decrease the workforce by a maximum of 75 person-years.
Terrafame, a well-known mining company, has announced that they are initiating a profitability program with an ultimate aim of achieving total savings of ten million euros annually. Furthermore, the company seeks to enhance its international competitiveness and profitability through this program.
As per the issued press release, the company’s battery chemical business has been affected by the challenges faced by the electric car market in the previous year, particularly in China.
Terrafame is initiating change negotiations that are expected to impact all its employees. The company currently employs over 800 permanent staff members.
Based on the company’s initial estimate, there might be a requirement to reduce the workforce, with the reduction projected to be a maximum of 75 person-years. To clarify, a person-year indicates the annual work input of a full-time employee.
In addition to the workforce reduction, the company is also preparing for potential layoffs.
Earlier in January, it was reported that Joni Lukkaroinen, the CEO of Terrafame, was leaving his position.
