Dutch shipbuilder and equipment supplier Royal IHC has announced job cuts as part of a fine-tuning of its strategy in order to deal with the persistently poor market conditions.
Royal IHC said the management intends to reduce around 425 permanent and temporary employees, mainly in indirect and support positions, while the executive board of the company is being reduced to two members, CEO Dave Vander Heyde and CFO Arie Vergunst.
Additionally, Royal IHC said it is increasingly outsourcing production activities in order to remain distinctive and cost-efficient, and it expects to emerge from the downsizing process as a smaller and healthier company.
IHC has agreed with the Works Council and trade associations on a series of dates to discuss the timeline and conditions of the job cuts.