Jobs will be cut at Glaston Corporation’s Finnish segment in a bid to make savings of €2million.
The company has started talks to restructure the business in its Finland operation after lower than expected heat treatment equipment demand.
The company plans to make 20 employees redundant as well as make cost cutting measures in its operations.
It said demand for heat treatment equipment has been weak since the end of the summer and it anticipates that orders for heat treatment technology will be 20% lower in this year’s 3rd quarter compared to last year.
But demand for insulation equipment has remained strong and demand for services has also remained at a good level, it added.
The Glaston segment employed 208 employees in its units in Finland at the end of June.
Negotiations are expected to be concluded by the end of November.