Tieto Corporation Stock Exchange Release 14 October 2014 at 15.30 EET
The personnel negotiations initiated on 1 October 2014 in Product Development Services in Finland have ended on 14 November 2014.
The negotiations were started after an insourcing decision taken by one key customer. Due to the resulting decline in business volumes in Product Development Services, a maximum of 300 employees will be made redundant or temporarily laid off. Initially, the personnel impact was estimated at a maximum of 350 positions in Finland. The redundancies will mainly be implemented by the end of March and the rest by the end of October 2015.
For further information, please contact:
Antti Vasara, Executive Vice President, Tieto Product Development Services, Tel. +358 2072 010, antti.vasara (at) tieto.com
TIETO CORPORATION
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NASDAQ Helsinki
NASDAQ Stockholm
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Tieto is the largest Nordic IT services company providing full life-cycle services for both the private and public sectors and product development services in the field of communications and embedded technologies. The company has global presence through its product development business and global delivery centres. Tieto is committed to developing enterprises and society through IT by realizing new opportunities in customers’ business transformation. At Tieto, we believe in professional development and results.
Founded 1968, headquartered in Helsinki, Finland and with approximately 14 000 experts, the company operates in over 20 countries with net sales of approximately EUR 1.6 billion. Tieto’s shares are listed on NASDAQ in Helsinki and Stockholm. Please visit www.tieto.com for more information.