MARTELA CORPORATION Stock exchange release 19 May 2015 at 1.00 p.m.
MARTELA’S CO-OPERATION NEGOTIATIONS CONCLUDED
Martela has concluded a co-operation negotiations concerning all white-collar workers in Martela Corporation in Finland.
As a result of the negotiations it has been decided to dismiss totally 15 persons. It has been also decided about the possibility to temporarily lay-off maximum 90 days if needed. Additional savings will be realized through normal retirements and other personnel deductions which will not be replaced but the operations will be re-organized. As a result of the actions it is estimated that the Corporation’s cost level will decrease approximately EUR 1.2 million on the annual level by the end of the year 2016.
The measures decided in the personnel negotiations were a response to the Group's need to improve its efficiency and competitiveness. The negotiations are part of Martela's savings program which aims to achieve an annual level cost savings of EUR 4 million. The savings programme will be implemented by the end of 2016, after which the full impact of the savings will be felt.
MARTELA CORPORATION
Heikki Martela
CEO
Additional information
Martela Corporation
Heikki Martela, CEO, tel +358 50 502 4711
Markku Pirskanen, CFO, tel +358 40 517 4606
Distribution
NASDAQ OMX Helsinki
Main news media
www.martela.com