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Hexagon Composites’ subsidiary Devold AMT has decided to initiate a process with the employee representatives, with the intention to move the remaining production of composite reinforcements in Langevåg in Norway to the company’s factory in Lithuania.
Hexagon say the decision is based on the deficit the business unit has had for several years. They say the company is experiencing positive growth, however the margins on the products that the company supplies have further fallen following the financial instability of the last few years. Devold AMT has therefore been compelled to adjust its cost level to the market conditions in which it operates.
“This is a regrettable, but necessary decision,” says Kåre Dybvik, Managing Director at Devold AMT. “There will be a substantial gain from assembling all our production facilities in Lithuania and the company is reliant upon improving its margins in order to reverse the negative development.”
According to Hexagon, the company’s strategy is to be the market leader in the supply of composite reinforcements, and the move is part of positioning the company for continued growth in Europe. Further increases in production capacity in Lithuania are planned for the future. They say that by making deliveries from Lithuania, the company will come closer to its clients in the European market and improve the efficiency of the logistics.
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