Dutch shipbuilder and maritime equipment supplier, Royal IHC, has decided to speed up the process of the company’s planned downsizing, called ‘IHC 2020 strategy’, due to rapidly deteriorating market.

The company presented this strategy in 2014, with aim to reduce IHC’s dependence on the volatile shipbuilding industry and help the company focus on the design and production of technologically complex, integrated dredging and offshore vessels, as well as extend its equipment offering.

According to the IHC, the number of slipways in The Netherlands will be reduced from four to two and the acquisition of additional foreign building capacity will be realised sooner than planned.

Furthermore, IHC intends to terminate the employment of 487 of its employees. Simultaneously, a large percentage of the flexible workforce (a total of 1,127 employees), will be phased out.

“The aim is to achieve the targeted reduction by the end of 2015,” said the company in a statement.

“IHC is working to draw up a social plan, which it will present to the trade unions in the upcoming weeks.”