After "Krone" report
Lenzing confirms: 600 jobs to be cut!
While demonstrations are taking place in front of the factory premises of fiber manufacturer Lenzing in Upper Austria, the Supervisory Board has met. What the "Krone" had already reported in advance has now been confirmed: 600 jobs will be lost!
The jobs affected will mainly be in administration. Of the 600 jobs, 250 are to be cut by the end of the year and a further 300 over the next two years. This was announced by the company after the Supervisory Board meeting on Monday.
Annual savings of at least 25 million euros
The aim is to "make Lenzing's administrative functions leaner and more efficient in particular" and annual savings of at least EUR 25 million are expected from 2026.
Slight upward trend recently
The Lenzing Group recently reported a slight upward trend despite the turmoil caused by US customs policy. Revenue increased by 2.3 percent to EUR 1.34 billion in the first half of the year compared to the first half of 2024. The bottom line was a profit of EUR 15.2 mn, compared to a loss of EUR 65.4 mn in the first half of the previous year.
Lenzing processes wood into pulp and uses it to produce fibers for the fashion, retail, industry, cosmetics and hygiene sectors. The main shareholder of Lenzing AG is the domestic industrial holding B&C, which holds 37.25 percent. The B&C Group was founded in 2000 by Bank Austria and Creditanstalt. In 2024, B&C relinquished its majority stake in Lenzing and the Brazilian pulp group Suzano acquired a 15 percent share.
Suzano has an option to purchase a further 15 percent by 2028. 6.97 percent are owned by the US investment bank Goldman Sachs, 40.78 percent of Lenzing shares are in free float. Over the past twelve months, the Lenzing share price has fallen by more than a quarter.
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