Kamstrup Announces Workforce Adjustments Amid Market Challenges

Business Context 

Green tech company Kamstrup has for several years experienced solid growth. Currently, the company is facing a period of ongoing headwinds in order intake and slower-than-expected progress in project execution. Specifically, many of our customers had excess stock levels in the beginning of the year accumulated after the component shortage that followed the corona pandemic. This has impacted the immediate demand for new products. 

In Europe, a slower process of converting from gas to district heating and heat pumps has affected sales. Additionally, globally, there is slower progress and fewer new projects initiated than anticipated. 
To sustain Kamstrup’s ability to deliver innovative and sustainable solutions to customers and to continue supporting the green energy transition, it has therefore become necessary to make adjustments in the organization. 

”Despite a difficult market situation and less growth rates than we as a company were set to deliver, we still believe that the demand for sustainable digital energy and water solutions will continue and increase in the future. For now, it is important to maintain a healthy, profitable and innovative business to ensure that we keep creating long-term value for our customers going forward. Unfortunately, that means some adaptions of our current workforce.” Says CEO of Kamstrup, Søren Kvorning