Ovako adds shifts to increase production capacity
Stockholm (Sweden), 13 March 2017 - In light of growing demand in most of its customer segments, Ovako, a Triton Fund III company, has decided to selectively increase the number of shifts at its steel and rolling mills, thereby increasing the utilization of production capacity.
The additional shifts will help reduce bottlenecks in the production and raise Ovako's total available production capacity by around 10 percent, depending on product mix. To staff the additional shifts, Ovako expects to hire about 80 new employees, which are anticipated to join the company during the first and second quarter of this year.
“Although there is still a lot of uncertainty about the long-term development for the industry, we are pleased to see that the positive trend we saw at the end of 2016 has continued into 2017”, says Marcus Hedblom, President and CEO at Ovako.
In parallel with the increase of production, Ovako’s work focused on lowering the company’s structural costs continues as planned. As previously announced the company expects to realize cost savings of EUR 18 million during 2017.
About Ovako
Ovako develops high-tech steel solutions for, and in cooperation with, its customers in the bearing, transport and manufacturing industries. Our steel makes our customers’ end products more resilient and extends their useful life, ultimately resulting in smarter, more energy-efficient and more environmentally friendly products.
Our production is based on recycled scrap and includes steel in the form of bar, tube, ring and components. Ovako is represented in more than 30 countries and has sales offices in Europe, North America and Asia. Ovako’s sales in 2016 amounted to EUR 781 million, and the company had 2,773 employees at year-end. For more information, please visit us at www.ovako.com.
About Triton
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Austria, Belgium, Denmark, Finland, Germany, Italy, Luxembourg, the Netherlands, Norway, Spain, Sweden and Switzerland. Within this European region, Triton focuses on businesses in the Industrial, Business Services and Consumer/Health sectors.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 29 companies currently in Triton's portfolio have combined sales of around €13.8 billion and around 76,000 employees.
The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, Luxembourg and Jersey.
For further information: www.triton-partners.com.
