Fiskars Group announced that it plans to simplify its organizational structure to support the continued transformation of the company and to increase efficiency. The planned changes include further strengthening the role of the Business Areas and brands and delayering some of the Group?s central functions, in particular the global supply chain. The company plans to combine the current Business Areas Terra and Crea into one Business area, Fiskars, which would offer Fiskars and Gerber branded products for the gardening, outdoor, cooking, scissors and creating categories.

Bringing all Fiskars brand product categories into one Business Area would enable unlocking the full potential of the company?s brand through more integrated and simpler ways of working. Current Business area Vita would continue to be organized as it is, offering premium and luxury products for the tableware, drinkware and interior categories. Furthermore, the company is planning to simplify its global supply chain organization to increase efficiency and ensure competitiveness.

The planned organizational changes are expected to lead to a net reduction of approximately 400 roles globally, the majority of which are in the global supply chain. As the planning progresses, Fiskars Group will engage and work closely with its employees and employee representatives to ensure that they are fully informed and consulted about the proposals. Processes and timelines will vary in different countries and functions.

The planned changes are estimated to result in total annual cost savings of approximately EUR 25 million, out of which the majority would realize during 2024. One-off costs related to the planned changes are expected to amount to a total of approximately EUR 6 million and they are expected to be recorded as items affecting comparability (IAC) in Fourth Quarter 2023. The company is also expecting total annual cost savings of EUR 30 million from changes announced in January 2023 and completed during the spring.

Approximately half of these savings are expected to realize during the second half of 2023 and the rest in 2024. One-off costs related to these changes amount to a total of approximately EUR 5 million and they are recorded as items affecting comparability (IAC) during 2023.