SAMPO PLC STOCK EXCHANGE ANNOUNCEMENT
18 November 2004 at 9.15 a.m.
SAMPO GROUP'S IT SERVICES PROVIDER, PRIMASOFT, INITIATES RATIONALISATION NEGOTIATIONS
Sampo plc's IT services provider, Primasoft Oy, has announced the initiation of rationalisation negotiations to improve operational efficiency. Primasoft is a joint venture established by Sampo and TietoEnator Corporation and is 40 per cent owned by Sampo.
The rationalisation negotiations will concern the entire Primasoft staff. According to TietoEnator, the aim is to achieve staff reductions without resorting to redundancies. Primasoft's rationalisation negotiations have been necessitated by the efficiency improvement programme implemented jointly by Sampo Group and its IT services provider, aimed at achieving annual cost savings of EUR 8 million. These savings will be fully reflected in Sampo Group's IT costs as of 2006. The efficiency improvement programme will not have any direct effect on co-operation between Sampo and Primasoft.
Primasoft's rationalisation negotiations will have no impact on Sampo's result for 2004.
SAMPO PLC
Hannu Vuola
Head of Group Communications
Tel. +358 10 516 0040
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