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July 8, 2010

STX Finland gets new president

While STX Finland Oy says it "appreciates the significant efforts" made by Martin Landtman to "improve the situation for the company in a challenging economic environment," it has fired him. He is stepping down as President of STX Europe's Finnish operation with immediate effect. His replacement is Juha Heikinheimo.

Though STX Finland has been building and delivering some of the world's largest and most impressive vessels, the order intake for new vessels has plummeted, resulting in a gradually lower activity level in 2009 and 2010. The Board of Directors of STX Finland therefore believes that it is necessary to make a change in the management.

Juha Heikinheimo (53), who will start in his new job immediately, has extensive experience from the shipyard industry and has previously worked for STX Europe's Cruise & Ferry Business Area in France and Finland for more than four years, and he has also held senior management positions in Metso and Santasalo Group/Componenta. He holds a M.Sc. (Eng.) degree in Naval Architecture and Industrial Economics, as well as a M.Sc. (Econ.) degree in Financial Accounting.

Mr. In-Sung Lee, Chairman of STX Finland, says:

"We are committed to STX Finland and strongly believe in its future. We want STX Finland to maintain and strengthen its position as one of the world's leading shipyards for the development and construction of large cruise ships and ferries. We believe that Juha Heikinheimo, together with his strong Finnish team at all levels in the organization, will be able to bring STX Finland forward to the 'next level' of global competitiveness - and a successful future to the benefit of its clients, staff, shareholders, local communities and other stakeholders."

In late 2009 STX Finland successfully delivered the world's largest cruise ship - Oasis of the Sea - to Royal Caribbean Cruise Line. The sister vessel - Allure of the Seas - currently under construction at the Turku shipyard, will be delivered in the fourth quarter of 2010 In addition, the Rauma shipyard is currently constructing two large ferries for P&O Ferries, and a polar research vessel for South Africa. The Helsinki shipyard was recently awarded a contract with Color Line for the conversion of "Superspeed I."


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