Nearly four years after announcing a plan to restructure its business units, Finland-based Moventas has completed the program.
According to the company, the Santasalo Moventas Group has simultaneously been divided in two, where Moventas and the industrial gear manufacturer Santasalo will both be better equipped to focus on their industry-specific businesses.
Moventas Gears Oy, owned by the industrial group Clyde Blowers, has completed the corporate restructuring program that it entered in 2011. In connection with finalizing the restructuring program, the company's restructuring debt has been paid, and the Santasalo business has been established as its own company.
The two businesses have operated as separate entities for almost a year, the company notes. The division has no personnel impacts, and Moventas' ownership will remain the same. This arrangement also has no operative impacts to its facilities and global service locations.
Moventas currently employs 450 globally, including 328 workers in Finland.
