As presented in this year's Annual Ordinary General Shareholder Meeting, M.J. MAILLIS S.A. informs that, in line with its continuing actions to reduce cost and improve profitability, which, has been under pressure due to intensified competitive conditions, plans to proceed with:
- consolidation of the production units in Europe, especially in the automatic machines sector, in order to achieve economies of scale and productivity improvement, and
- reduction of the commercial affiliates in Europe and creation of larger regional units that can serve the market in a more efficient and effective way.
These actions, together with the sales re-organisation which is under way, are deemed essential for increasing the competitiveness of the Group and are expected to be completed by the end of the 1st quarter 2008.
The Company will issue periodic announcements at the completion of each action step.