NIEUWEGEIN, The Netherlands, December 21, 2011 /PRNewswire/ --
Ballast Nedam is to adjust the capacity of the Infra regional companies in response to deteriorating market conditions. The regional companies have been unable to contribute positively to overall operating results. The regional companies are still to a large degree dependent on public tenders for securing smaller, traditional contracts. These contracts are largely with local authorities, the market segment with the highest degree of competition and the most depressed price levels. This adjustment means that 115 of the 519 jobs at the regional companies will be cut. The Central Works Council has already made its recommendations. The Ballast Nedam social plan will apply and a mobility centre will be set up to help as many people as possible to move from job to job. Compulsory redundancies may be unavoidable.
Capacity at each regional office will be adjusted to market conditions in early 2012. In the course of 2012, the organizational structure of the regional activities will be brought more in line with its strategy, which is aimed at strengthening its position on the growing integrated contract market. A new management team will be responsible for these activities. This team will consist of Harmans Kuipers (54) as chairman (in addition to his duties as the managing director of the Infra cluster), Fred Groot (41) as director of acquisitions and Kees Koreman (46) as director of production.
The Board of Management is maintaining its previous forecast of an operating result of approximately € 15 million to € 20 million on revenues of approximately € 1.4 billion.
Ballast Nedam has a leading position in construction and infrastructure. The company operates mainly in the Netherlands on integrated and other projects for companies, public authorities and housing consumers, in the fields of mobility, housing, employment, leisure and energy. Ballast Nedam operates internationally in various areas of expertise, such as foundations for offshore wind turbines. Ballast Nedam supplies project, process and contract management in the development, implementation and management phases. The company also provides specialized know-how and skills, and semi-finished and finished products. Ballast Nedam is listed on NYSE Euronext in Amsterdam. The share is included in the Amsterdam Small Cap Index.For more information please visit http://www.ballast-nedam.nl.
SOURCE Ballast Nedam NV