Concentric is to restructure its new facility in Chivilcoy, Argentina, in line with the weak demand in the South American commercial vehicle market, triggering 34 job losses.
The company says the redundancy programme is a “direct response to the weak demand in the South American commercial vehicle market.”
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The programme anticipates a headcount reduction of 34 employees who were engaged at the date of acquisition.
Part of the cuts have already been implemented with the remaining this month through a mix of voluntary and compulsory redundancies.
The cuts programme will result in annual savings estimated at SEK9 (US$1m).
The total one-off expenses recognised for the restructuring plan in Concentric Chivilcoy amount to SEK14m and have been booked in Q2, 2015.
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