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Corticeira Amorim to restructure flooring business unit
Corticeira Amorim has decided to move forward with the restructuring of its flooring business unit, Amorim Cork Flooring, which will include an adjustment of the production structure, to reduce operating losses, it announced.
© Corticeira Amorim
Economia Corticeira Amorim
In a statement, where it gave an account of the results for the first quarter of this year, the group began by explaining that "influenced by the economic context that affects the construction sector and by the intensification of competition from Asian producers, the flooring market in Europe faced sales reductions of 14% in 2022 and of approximately 20% in 2023, registering significant losses that have led the major 'players' in the sector to implement cost reduction measures".
According to the group, this "unfavorable context also penalized Amorim Cork Flooring's activity and results, which in recent years has presented losses that have worsened in the first months of 2024".
Thus, and considering "the lack of signs of recovery in the flooring industry and the current competitive weaknesses of Amorim Cork Flooring" the group decided to "initiate a restructuring process for this business unit that involves, in a first phase, the adjustment of its production structure and support for the current dimension of sales, in order to reduce operating losses and increase efficiency through industrial optimization".
Corticeira Amorim registered profits of 16.1 million euros in the first quarter of this year, a 32.4% reduction in homologous terms, the group announced.
Read Also: Corticeira Amorim profits fall 32% to 16 million in the 1st quarter (Portuguese version)
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