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Sweden's Alfa Laval launches restructuring drive, to cut about 600 jobs

·1-min read

STOCKHOLM (Reuters) - Sweden's Alfa Laval said on Wednesday it would launch a restructuring programme, as it seeks to address imbalances in its oil and gas business and speed up its digitisation process.

The plan will cost around 850 million Swedish crowns ($101.72 million), 350 million of which related to goodwill writedowns in its oil and gas section, Alfa said.

"A targeted restructuring program is being launched, mainly addressing structural imbalances in specific parts of the upstream Oil and Gas business," Alfa said in a statement.

"In addition, the program will further drive the competence shift required in light of the accelerated pace of digitalization," the maker products such as heat exchangers and separators said.

The plan involves cutting around 600 jobs - including some posts already vacated by departed staff- and is expected to save around 300 million crowns a year from mid-2022, Alfa said.

($1 = 8.3565 Swedish crowns)

(Reporting by Colm Fulton)