Aker Kvaerner to restructure operations into five global businesses |
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Fri, 02 Mar 2007 09:23
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OSLO (AFX) - Aker Kvaerner ASA said it is to restructure its business by transforming its existing six divisions into 'five global business areas', in a bid to both increase transparency and optimise the efficiency of its overall operations.The Norwegian engineering firm said that by combining specialised units which work within the same market segments, the company will be able to increase overall capacity and improve its product offering.Under the new structure, each of the five business areas will have global responsibility for its entire value chain, 'ranging from marketing and technology development through project execution to service and maintenance', Aker Kvaerner said.The five new divisions will be 'Field Development', 'Subsea', 'Products and Technologies', 'Process and Construction', and lastly 'Maintenance, Modifications and Operations'.These changes, Aker Kvaerner said, will take effect from April 1.From this date, the firm's executive management team will consist of chief executive Martinus Brandal and chief financial officer Bjorn Erik Naess, along with the heads of the five new divisions.In terms of financial reporting, Aker Kvaerner said the changes will take effect from the first quarter, and that pro-forma figures for its historical numbers will be published in advance of its first quarter results, which are due on 25 April.alastair.reed@thomson.comar/jfrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Aker cuts stake in Aker Kvaerner to 40.1 pct after selling 3.6 bln nkr shares 