Lenzing outlines restructuring plans at two Austrian sites

摘要

Lenzing's board and works council have agreed to a comprehensive package of social measures covering the company's recently announced cost-reduction plan. The agreement affects Lenzing's production sites at Lenzing and Heiligenkreuz, Austria. Lenzing is putting a redundancy program into effect at the two sites, and Lenzing's Labor Foundation will be given sufficient funding to mitigate negative social consequences, the company says. The measures will come into force at the beginning of 2014 in conjunction with the reorganization of Lenzing. The company says it will seek additional public subsidies to support the implementation of these measures.