Royal Imtech N.V. (IMTEF.PK) has decided to implement a reorganisation to strengthen the competitiveness and profitability of its companies in the Netherlands, considering the ongoing difficult market conditions in the Netherlands. This mainly relates to capacity reductions in the office buildings market and the Infra business in response to the changed market conditions.
As part of the reorganisation, a cost-savings and an efficiency programme has commenced in Germany, with the planned personnel and cost reductions supporting its German operations' effectiveness and profitability. The reorganisation costs in 2013 are expected to total nearly 80 million euros and would lead to a loss of 1.300 jobs, mainly in the Netherlands and Germany. The company would consult the Works Council and trade unions on implementing the reorganisation plan.
Also, Imtech reported a steady progress in the investigations in Poland and Germany, which are in the final stages, however, more time is required to complete the investigations. The publication of the full-year 2012 figures is now slated for early June. The write-off in Germany appears to be larger than original expectation. The announced rights-issue may close in the summer.
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