As part of business improvement initiatives announced at the end of last year, current industry caution and delays tied to large capital investments, Denmark-based FLSmidth is adjusting the number of its employees by approximately 500, said the company in a statement.
It is expected that around 80 people from the Copenhagen headquarters will be dismissed along with around 420 staff in offices around the world.
“Despite a healthy pipeline, this is an unfortunate yet necessary action given the weakening market for large capital investments in 2019 and our ongoing efforts to improve internal efficiency. In connection with Q3, we announced a need to make necessary business adjustments, and we take this step now to position FLSmidth for future profitable growth,” according to Thomas Schulz, CEO of FLSmidth.
