Espoo, Finland, 2016-10-19 08:00 CEST (GLOBE NEWSWIRE) --
EFORE PLC Stock Exchange Release October 19, 2016 at 9.00 a.m.
As part of the cost savings program, Efore commences cooperation procedure with its entire personnel in all locations on October 19, 2016. The negotiations concern the whole personnel in Finland. In other locations the planned labour negotiations over savings will be executed in cooperation with the personnel according to the legislation and schedule valid in each country.
The target of the savings measures related to employees is to align the Group personnel costs in line with the operating model, which is planned to be simpler than the current one and in line with market demand. The anticipated headcount reduction is estimated to concern globally maximum 40 persons in addition to the arrangements in China.
EFORE PLC
Jorma Wiitakorpi
President and CEO
For further information please contact Mr. Jorma Wiitakorpi, President and CEO, on October 19, 2016 at 10.30 – 11.30 a.m. tel. +358 40 175 8510
DISTRIBUTION
Nasdaq Helsinki Oy
Principal media
Efore Group is an international company which develops and produces demanding power products. Efore's head office is based in Finland and its R&D functions are located in Finland, Sweden, Italy and China. Sales and marketing operations are located in Europe, United States and China. In the fiscal year ending in December 2015, consolidated net sales totalled EUR 89,9 million and the Group's personnel averaged 887. The company's share is quoted on the Nasdaq Helsinki Ltd.www.efore.com