Atradius N.V. cost saving programme

Press release

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. 

About Atradius:

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.

For further information:

Atradius Corporate Communications
Christine Gerryn
Tel.: +31 20 553 2047
E-mail: christine.gerryn@atradius.com
atradius.com

Disclaimer

The statements made herein are provided solely for general informational purposes and should not be relied upon for any purpose. Please refer to the actual policy or the relevant product or services agreement for the governing terms. Nothing herein should be construed to create any right, obligation, advice or responsibility on the part of Atradius, including any obligation to conduct due diligence of buyers or on your behalf. If Atradius does conduct due diligence on any buyer it is for its own underwriting purposes and not for the benefit of the insured or any other person. Additionally, in no event shall Atradius and its related, affiliated and subsidiary companies be liable for any direct, indirect, special, incidental, or consequential damages arising out of the use of the statements made information herein.