TULIKIVI CORPORATION STOCK EXCHANGE RELEASE
11 May 2015, at 3.45 p.m.
OUTCOME OF CODETERMINATION NEGOTIATIONS: SAVINGS OF EUR 0.5 MILLION IN STAFF COSTS
In its interim report of 29 April, Tulikivi Corporation announced that it would be cutting fixed costs by EUR 2.5 million due to the level of demand being weaker than anticipated. The cost savings will be introduced in 2015 and will consist of cuts in operations and savings in fixed staff costs.
The savings in fixed staff costs will be approximately EUR 0.8 million. Following the codetermination negotiations, which concluded today, the decision was taken to lay off 12 office employees until further notice. Temporary layoffs will also be made within the company. The savings in fixed staff costs as a result of the layoffs will total about EUR 0.5 million. The company has also made structural changes which will lead to savings of approximately EUR 0.3 million by revising its management structure and reducing the size of the Board of Directors. The full effect of these savings will be realized in 2016.
TULIKIVI CORPORATION
Heikki Vauhkonen
Managing Director
Distribution: NASDAQ OMX Helsinki
Key media
Further information: Tulikivi Corporation, 83900 Juuka, www.tulikivi.com
- Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555