General Oceans ASA's subsidiary Nortek AS has reorganised its operations to
improve efficiency and direct more resources towards growing demand for
underwater navigation. The changes include an approximately 10% reduction in its
global workforce.
Nortek serves two main application areas: ocean current and wave measurement for
science and marine construction, and underwater navigation for marine
construction and defense. The ocean technology market is evolving with interest
growing in Nortek's navigation products primarily driven by investment in naval
defense. Nortek's leadership has seized the opportunity to develop the
navigation portion of the business through more efficient product development
and manufacturing, while addressing a decline of around 10% in the average
USD/NOK exchange rate.
The organisational changes lower Nortek's cost base and support more efficient
manufacturing and product development. Nortek is also benefiting from automation
and digitisation initiatives implemented over the past few years, which have
enabled the company to reduce costs and operate with a leaner organisation. In
particular, a significant proportion of the transducer manufacturing process is
now automated. Alongside advances in manufacturing, the increasing use of AI and
digital tools in engineering offers further opportunities to improve the
development process and support innovation.
"With these organisational changes, Nortek will be even better positioned to use
our expertise to respond to the current market opportunities. I am proud of our
dedicated team and how they work to meet our customers' changing needs," said
Jannicke Koch-Hagen, Executive Vice President of Nortek.
Nortek expects one-time restructuring costs of approximately NOK 8 million
across Q3 and Q4 2026. The changes are expected to improve profitability and
strengthen the company's capacity for continued development and long-term
growth.
For further information, please contact: Rachel McAlpine, Group Marketing
Manager at General Oceans, investors@generaloceans.com
t General Oceans\, investors@generaloceans.com\