EANS-News: Wolford Aktiengesellschaft Wolford Accelerates Its Cost Reduction
Program
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Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
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Company Information
Bregenz - Bregenz, 10.16. 2017. Wolford AG, which is listed on the Vienna Stock
Exchange, is accelerating implementation of its cost reduction measures, as
previously announced. This mainly involves the downsizing of its administrative
staff. Since July 2017 Wolford has already decreased its workforce by 41 full-
time positions, partly by natural attrition or by not filling vacant positions.
The personnel level at company headquarters in Bregenz is being reduced by a
further 15 employees in the middle of October.
As a result, Wolford has cut down on its total staff by 56 full-time employees
since the beginning of July, resulting in expected cost savings of more than EUR
3 million annually which should be fully effective starting in the 2018/19
financial year. Wolford had 1,544 full-time employees in the 2016/17 financial
year.
The streamlining of the administration is part of a comprehensive restructuring
program aiming to help Wolford to return to profitability. The focus is on
adjusting personnel capacities to current revenue figures, systematically
optimizing all processes and strategically realigning some areas of the
company's business operations.
"These measures are painful for all those involved. However, in this way we are
moving a decisive step closer towards our objective of operating profitably once
again", emphasize Wolford AG CEO Axel Dreher and CFO Brigitte Kurz.
All internal processes are being scrutinized. Further optimization potential
should be identified in the coming months and realized in the course of the
present 2017/18 financial year.
Further inquiry note:
Wolford AG
Maresa Hoffmann
Investor Relations & Corporate Communications
Tel.: +43 5574 690 1258
investor@wolford.com | company.wolford.com
end of announcement euro adhoc
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issuer: Wolford Aktiengesellschaft
Wolfordstrasse 1
A-6900 Bregenz
phone: +43(0) 5574 690-1268
FAX: +43(0) 5574 690-1219
mail: investor@wolford.com
WWW: http://company.wolford.com
ISIN: AT0000834007
indexes: ATX GP
stockmarkets: New York, Frankfurt, Wien
language: English
