(45,45 EUR, -0,23%) Nobel announced this morning it plans to phase out the production of organic peroxides at its Dutch Deventer site by the end of 2016. The production activities will be moved to other existing production facilities in both Europe, North America and China. Note that the company currently has 11 production facilities for organic peroxides.
The decision will impact about 215 employees at the Deventer site. highlighted that the Deventer site will remain a regional R&D and technology center, employing about 235 people.
Today’s announcement is part of an earlier announced ambition to increase savings beyond the current profit improvement programme which is targeted to yield € 500m by year-end 2013. As such the announcement of further initiatives is no major surprise. We stick to our Accumulate rating and € 53 target price.