Finland-based meat group HKScan has streamlined its subsidiaries in its home country as part of a cost savings programme.
HKScan said today (2 January) that HK Ruokatalo Oy has become a wholly owned subsidiary of HKScan Corp.
The move follows a merger between HKScan Finland Oy and Ruokatalo Oy. This, in turn, follows the integration of Järvi-Suomen Portti Oy and Helanderin Teurastamo Oy into the Ruokatalo business.
HKScan is under pressure to improve profitability. In April last year, it announced a two-year streamlining programme designed to achieve efficiency savings of EUR20m (US$26.5m) annually.
"By simplifying its corporate structure HKScan aims to harmonize the group’s operational processes and streamline its internal administration," HKScan said today. "The employees from the merging companies transfer to HK Ruokatalo Oy without loss of holiday and similar entitlements."
In August, the firm unveiled streamlining plans in Sweden.
Show the press release HKScan streamlined its corporate structure in Finland
According to HKScan’s plans announced on 29 June 2012, the mergers of Järvi-Suomen Portti Oy and Helanderin Teurastamo Oy into HK Ruokatalo entered into force on 30 December 2012. Correspondingly, HKScan Finland Oy’s merger with HK Ruokatalo Oy was registered on 31 December 2012. The changes made HK Ruokatalo Oy a direct wholly owned subsidiary of HKScan Corporation.
By simplifying its corporate structure HKScan aims to harmonize the Group’s operational processes and streamline its internal administration. The mergers are of a legal nature and will have no impact on employees. The employees from the merging companies transfer to HK Ruokatalo Oy without loss of holiday and similar entitlements. The Group’s restructuring will not impact the position of HKScan Corporation's shareholders or the Group's external reporting in any way.
