Hexagon Composites' wholly-owned subsidiary Hexagon Raufoss reports that it is downsizing its operating model to improve profit.

The company has terminated all its employee contracts and has implemented a modified operating model where operational services will be performed by its sister company Hexagon Ragasco. The restructuring includes workforce reductions through natural retirements, internal transfers and lay-offs. Eight employees have found other positions outside the group and 11 employees will be offered employment in sister company, while 14 employees have been laid-off, the company says.

‘Given the necessity to implement the restructuring process the selected operating model provides the best basis for healthy continuing operations, ‘said MD Ragnar Holthe . ‘This is a challenging situation for the company and our employees, and we regret that good employees will have to leave the company.’

This story is reprinted from material from Hexagon Raufoss, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.