TTS Group to shed jobs

MAY 2, 2014 — Bergen, Norway, headquartered marine and offshore crane and cargo handling equipment specialist TTS Group is to implement measures to reduce costs in Norway and Germany.

"Due to a weaker market than expected in the offshore and heavy lift sector, the Group will during the first half of 2014 implement a workforce reduction of approx. 10% of the total workforce in the group," it says in a statement. "Today the total workforce consists of approx. 1,100 persons."

TTS Group says the cost reduction "is a consequence of cost- and capacity adjustment to the current market situation, as well as an extensive benchmarking and process evaluation. The efforts are expected to provide a gradual improvement in profitability in the second half of 2014."

The downsizing process has begun and is expected to be completed during the second quarter.