Terrafame, a Finnish provider of battery chemicals and multi-metal products, has announced the commencement of personnel negotiations that may involve significant changes to its workforce. According to the company's initial assessment, there is a potential need to reduce employment by up to 120 man-years. The negotiations aim to address possible layoffs, workforce reductions, and alterations to work arrangements, as Terrafame seeks to achieve annual savings of at least 10 million euros.

The company reported that as of the end of December last year, it had a total of 887 employees, indicating that the upcoming negotiations could impact a substantial portion of its workforce. The ongoing discussions are set against a backdrop of financial challenges, as Terrafame recently revealed that while it recorded a profit of 6.7 million euros in the fourth quarter, its total result for the year was a concerning loss of 35 million euros. This situation underscores the urgency for the company to implement cost-saving measures.

By pursuing these negotiations, Terrafame hopes to stabilize its financial future and avoid further losses as it moves towards its objective of remaining competitive in the battery chemicals sector. The outcome of these negotiations will likely have significant implications not just for employees, but also for Terrafame's operational capacity and its strategic position within the metallurgical market.