Construction Group Ballast Nedam to Cuts 250 Jobs
Dutch construction company Ballast Nedam announced that it will slash 250 jobs because of poor financial results.
The group said that construction and infrastructure markets were under sustained pressure.
As a result, competition and price pressure have continued to increase. This situation is expected to continue for some time, it added.
Ballast plans to make further reorganization at the regional construction companies, the specialized companies and the head office in the fourth quarter. The reorganization will result in the loss of 250 jobs and will cost about €7 million.
Ballast already made management changes in the regional construction companies and specialized companies.
“Disregarding the results of disposals, we expect an operating loss for the full year 2013 because of the disappointing results at several companies and the ongoing reorganizations. We refrain from further quantification of the forecast in view of the persistent uncertainty surrounding substantial additional work on a major project and the completion of disposals in 2013,” the group said in a statement.
Previously, Ballast estimated an operating profit of about € 15 million for the full-year 2013.