Elektrobit Group Oyj - ELEKTROBIT CORPORATION (EB) HAS COMPLETED THE MEASURES TARGETING TO APPROXIMATELY EUR 2 MILLION ANNUAL COST SAVINGS IN ITS WIRELESS BUSINESS SEGMENT
April 04, 2013
ELEKTROBIT CORPORATION (EB) HAS COMPLETED THE MEASURES TARGETING TO APPROXIMATELY EUR 2 MILLION ANNUAL COST SAVINGS IN ITS WIRELESS BUSINESS SEGMENT
STOCK EXCHANGE RELEASE
Free for publication on April 4, 2013, at 9.30 pm. (CEST+1)
ELEKTROBIT CORPORATION (EB) HAS COMPLETED THE MEASURES TARGETING TO APPROXIMATELY EUR 2 MILLION ANNUAL COST SAVINGS IN ITS WIRELESS BUSINESS SEGMENT
Elektrobit Corporation (EB) has completed the measures to improve its cost structure that were started on February 19, 2013. With these measures EB estimates to reach the targeted approximately EUR 2 million annual cost savings in its Wireless Business Segment, fully effective from the second half of 2013 on. The measures resulted non-recurring costs of approximately EUR 0.8 million that affect negatively the Company's operating result of the first quarter of 2013.
The underlying reasons for the measures to improve the cost structure were the changed business requirements. As part of these measures, EB reduced its personnel in the Wireless Business Segment globally by altogether 32 persons, 8 of them in Finland. In addition, EB also concentrated some of its Wireless Business Segment operations to Finland and moved the centre of its US operations from west coast to east coast, where many of the public sector customers are located. Currently Wireless Business Segment employs 538 persons in total.
The cost savings effects and non-recurring costs are included in the 2013 outlook given on February 19, 2013, in the Company's Financial Statement Bulletin.
Oulu, April 4, 2013
Elektrobit Corporation
Jukka Harju
CEO
Further information:
Jukka Harju
CEO
Tel. +358 40 344 5466
Distribution:
NASDAQ OMX Helsinki
Principal media
Elektrobit (EB)
EB creates advanced technology and turns it into enriching end-user experiences. EB is specialized in demanding embedded software and hardware solutions for wireless and automotive industries. The net sales from continuing operations in 2012 totaled MEUR 185.4. Elektrobit Corporation is listed on NASDAQ OMX Helsinki. www.elektrobit.com
