Espoo, Finland, 2014-02-13 07:55 CET (GLOBE NEWSWIRE) --
EFORE PLC Stock Exchange Release February 13, 2014 at 8.55 a.m.
Efore continues the profitability and efficiency improvement program it started in March 2013. The new program is targeting to annual cost base reduction of at least EUR 1.5 million by the end of this year.
The company is reorganizing its operations in order to improve the competitiveness and to match with the new structure as a result of the acquisition last year.
Reorganizing is expected to result in reduction of maximum 30 employments in Finland, Sweden and China together. In Finland, in addition to permanent layoffs, negotiations will be conducted on possible temporary layoffs affecting all personnel groups.
In addition to the above mentioned program the company has also reduced 34 employments in Tunisia and started in Italy a restructuring program that will involve 51 employments targeting to annual cost base reduction of EUR 1.6 million by the end of this year.
On December 31, 2013 Efore’s total number of employees was 934.
EFORE PLC
Vesa Vähämöttönen
President and CEO
For further information please contact Mr.Vesa Vähämöttönen, President and CEO, tel. +358 9 4784 6312
DISTRIBUTION
Nasdaq OMX Helsinki Oy
Principal media
The Efore Group is an international company that develops and produces demanding power products. Efore's head office is based in Finland, and its production units are located in China and Tunisia. Sales and marketing operations are located in Europe, the United States and China. In the fiscal year ending in October 2012, consolidated net sales totalled EUR 78.1 million, and the Group's personnel averaged 888. The company's shares are quoted on Nasdaq OMX Helsinki Oy.
www.efore.com