Finland's oldest company, the household products company Fiskars, is lowering its profit forecast for the current year.
Fiskars – which includes brands such as Georg Jensen, Iitala and Rörstrand – now estimates that operating profit will be in the range of 75–85 million euros, compared to previously 90–100 million euros.
The background is measures where the company has been forced to scale back production and reduce inventory levels. This is the second time this year that Fiskars has lowered its forecast after demand in the US market decreased.
Fiskars, which is known for its scissors with orange handles, has its roots in the Fiskars mill and was founded as early as 1649.
