IONCOR today announced a company-wide organizational restructuring. The company plans to initiate organizational restructuring affecting up to 287 employees, which may lead to personnel reductions. This change reflects IONCOR’s transition from a dedicated contract manufacturing company towards a balanced portfolio company with a strong product-focused battery solutions business.
Over the past years, IONCOR has successfully expanded its portfolio of proprietary battery products for applications including off-highway vehicles, buses, trucks, industrial equipment, and other applications. The company continues to actively negotiate new contract manufacturing opportunities and has established a strong pipeline of customer opportunities for its new products and technologies, with several discussions progressing positively.
Several high-volume contract manufacturing programs are approaching completion while cost pressure from non-European competitors increases. This means IONCOR needs to adjust operations and efficiency. Although revenues from IONOCR’s growing product business are expected to ramp up over the coming years, the adjustments are required to support their transition and maintain competitiveness.
“Today’s decision is difficult because it affects valued colleagues who have contributed significantly to IONCOR’s success. At the same time, we have made strong progress in building our product business and secured encouraging customer interest for our new solutions. These measures will help ensure that IONCOR remains competitive in a global market and well positioned for future growth,” said Roberts Abele, Chief Executive Officer of IONCOR.
IONCOR remains committed to its strategy and continues to pursue new opportunities across the European and global battery value chains.
IONCOR will support affected employees throughout the restructuring process and continue working closely with employee representatives and relevant stakeholders.
About IONCOR
IONCOR is one of Europe’s leading manufacturers of battery solutions for electric vehicles with more than three million delivered battery systems. The company focuses on battery systems for heavy-duty transport, commercial vehicles, and mobile machinery used in industries such as logistics, agriculture, construction, mining, and forestry, as well as for the automotive sector. IONCOR supports the electrification of its customer segments by offering modular battery systems, customized solutions, and contract manufacturing services. The company operates three large-scale battery system production plants as well as R&D and battery testing centers in Finland and Germany.