Amsterdam, 10 September 2009 - Atradius NV cost saving programme
Atradius N.V. today announced a EUR 90 million cost saving programme to safeguard long-term growth. Savings are expected to be achieved, most notably, through a reduction in spending in areas deemed less critical to the company’s overall success and through a proposed reduction in staff of approximately 500 employees worldwide. The company has begun statutory negotiations with local works councils in the European markets where this is required.
Isidoro Unda, CEO of Atradius, commented, “Atradius has always been focussed on efficiency and productivity. Our plans will put us in a stronger position to service our customers and supply the market with the credit management resources they need to grow and to trade profitably around the world.”
Credit insurance is the thread that holds together many domestic and international sales made on credit terms. It provides sellers with important information about the creditworthiness of their buyers and the security they need to safely and confidently commit to payment terms.
Unda continued, “We need to reinforce the role that credit insurers play in helping drive the global economy. Our strategy to increase efficiency through technology, to reinforce Atradius’ commitment to providing customers with the credit management resources they require to make informed credit extension decisions and to build the recognition of our leadership in global solutions will help us achieve this.”
As an international organisation operating in 42 countries across the world, changes in one country can have an impact on the entire company. Therefore the Atradius cost saving programme focuses on how the various corporate units and markets interact and impact corporate profitability on the whole. Atradius anticipates that the savings achieved through this programme will increase the company’s financial flexibility while at the same time encourage meeting customer needs through a more streamlined operating platform.
The Atradius Group provides trade credit insurance, surety and collections services worldwide, and has a presence in 42 countries. Its products and services aim to reduce its customers’ exposure to buyers who fail to pay for the products and services they buy. With total revenues of more than EUR 1.8 billion and a 31% share of the global trade credit insurance market, its products help protect companies throughout the world from payment risks associated with selling products and services on credit. With 160 offices, it has access to credit information on 52 million companies worldwide and makes more than 22,000 trade credit limit decisions daily.