Offshore marine engineering service provider MacGregor, part of Cargotec, has announced planned cost saving measures which will see the split of its Smart Ocean Technology division into two divisions, Cargo Handling and Advanced Offshore Solutions.
According to MacGregor, the move may lead to the reduction of about 190 of the company’s 1,876 employees globally. The company aims to achieve annual cost saving of about EUR13m ($15m) from the reorganisation.
MacGregor said it is seeking synergies in both its offshore and merchant shipping operations while adapting to the prevailing market situation it faces.
“These planned measures are necessary to manage the continuing challenging market situation and to maintain our leading position in the maritime cargo flow, mooring and load handling markets. As a result of these difficult but necessary actions MacGregor will be able to continue to develop the company to be the leader in smart cargo and load handling. Consequently we are able to help our customers to develop their operations to be more efficient without compromising safety and eco-efficiency,” said Michel van Roozendaal, President of MacGregor.
The planned savings measures are estimated to be reached in 2018. They are expected to result in restructuring costs of EUR7m in the final quarter of 2017.