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Energy Company, Vattenfall to shed 2500 jobs as it work to adapt to changing market

Wednesday, 06 March 2013
Talking about the light in the tunnel, just as CFO today felt that there economy is rebounding, giants such as Swedish energy giant, Vattenfall is to shed some 2 500 jobs.
The company want to save Skr4.5 billion next two years, according to a press release, as such a total of 2 500 people may leave the company in the next two years.

This will affect about 1500 people in Germany, about 500 in the Netherlands, 400 in Sweden and 50 in Vattenfall's other markets, the company said in the press release.

Low electricity demand, excess emissions and production and a low electricity price are factors responsible for Vattenfall's savings needs, according to CEO Øystein Løseth's statement in a press release.

Vattenfall says it must adjust to the major changes in market conditions through divestitures, reduced investment, workforce reductions, and by creating a culture where continuous improvement is central.

"We must continue to review all our assets and businesses to manage them in the best way. We have recently gone out with a possible sale of our Danish CHP operations and an evaluation of a sale of our part of the lignite-fired power plant in Lippendorf, Germany. We are also investigating opportunities to divest assets that are not deemed to be part of our core business and we are evaluating strategic alternatives for production assets with low profitability," says Ingrid Bonde, Chief Financial Officer
by Scancomark.com Team

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