Uponor: Restructuring plans

Finnish pipemaker Uponor has revealed another two stages of its restructuring, announcing a new organisational structure and the sale of certain German businesses.
The group today reported a massive 73.2% slump in annual profits to E30.7m on sales of just over E1bn. It said most of fall was due to restructuring costs of E54.9m. Also the 2002 result was boosted by a E35.6m capital gains on property; last year’s contribution was a mere E7.3m.
Uponor is to abandon the divisional layer of its organisation and replace it with a four-segment regional structure, divided into Nordic, Central Europe, Europe Other and North America. It said this will “speed up decision-making and our ability to respond quickly to market needs”.
The company has also approved the management buy-out of its cable and tap water pipe protection businesses in Germany. Current president of Uponor Housing Solutions Europe Dieter Pfister is heading the buy-out of the divisions, which had net sales of E16.7m and a staff of 110 people in Hassfurt, Schweinfurt and Ochtrup.

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