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Share 2017-09-26 09:13 RATOS B 39.18 SEK

GS-Hydro

  • Juha Silvennoinen

    CEO

GS-Hydro Holding Oy and its subsidiary GS-Hydro Oy file for bankruptcy. Press release

GS-Hydro is a global supplier of non-welded piping solutions. Piping systems are mainly used for hydraulic applications with high demands on fast installation, high cleanliness and minimal production shutdowns.

GS-Hydro’s products and services are used within the marine and offshore industries, within land-based segments such as the paper and metals industries and in test equipment for the automotive industry. GS-Hydro has operations worldwide, its own employees in 15 countries and its head office in Espoo, Finland.

Market

GS-HYDRO operates in cyclical markets. The pressured price on oil and a very sluggish market trend in the offshore industry has prompted restructuring in the segment. Demand in the land-based segment has also declined, while developments in the marine segment were stable during the year.

Sustainability

GS-Hydro’s key sustainability issues are preventative anti-corruption initiatives since the company operates in a number of high-risk markets, and reducing its environmental impact. The company has implemented a clear Code of Conduct, whistleblowing system, employee training programmes and follow-up processes.

Restructuring and efficiency improvements

The severe slowdown in demand that the company experienced during the year resulted in an extensive global restructuring programme focusing on efficiency and cost savings. Among other aspects, this means heavy layoffs in most markets and streamlining logistics by centralising warehouses. However, non-welded technology is replacing traditional solutions and the company is developing its aftermarket offering, which means the GS-Hydro has longterm potential to grow.