Elektrobit Group Oyj - EB, ELEKTROBIT CORPORATION CONCLUDED ITS PERSONNEL NEGOTIATIONS
June 22, 2010
EB, ELEKTROBIT CORPORATION CONCLUDED ITS PERSONNEL NEGOTIATIONS
STOCK EXCHANGE RELEASE
Free for publication on June 22, 2010 at 9:30 am (CEST+1)
EB, ELEKTROBIT CORPORATION CONCLUDED ITS PERSONNEL NEGOTIATIONS
EB, Elektrobit Corporation has today concluded the personnel negotiations started on June 7, 2010, with its personnel in Elektrobit Wireless Communications Ltd and Elektrobit Corporation in Finland. The target of the negotiations has been to adjust its operations and cost level in the second half of 2010 to correspond the temporarily decreased order volumes in Wireless Solutions Business.
As a result of the negotiations EB will temporarily dismiss approximately 100 employees full or part time for maximum of 90 days starting in July - August. If necessary, EB can execute additional temporary dismissals at maximum of approximately 100 employees during autumn. EB supports the competence development of the employees being temporarily dismissed by further extending its training programs significantly.
In case the temporary dismissals are being executed in full, the estimated cost savings in the second half of 2010 will be approximately EUR 1.7 million. This adjustment measure has no effect on the outlook for the first half of 2010 as announced in April 29, 2010. EB will give the outlook for the second half of 2010 in context with the interim report January-June 2010.
The temporary dismissals have no direct impact on EB's customer work or on Wireless Solutions business strategy.
Oulu, June 22, 2010
Elektrobit Corporation
Jukka Harju
CEO
Further information:
Ari Virtanen
Executive Vice President, Wireless Solutions
Tel. +358 400 435 878
Panu Miettinen
CFO
Tel. +358 40 344 5338
Distribution:
NASDAQ OMX Helsinki
Principal media
EB, Elektrobit Corporation
EB develops advanced technology and transforms it into enriching end user experiences. EB specializes in demanding embedded software and hardware solutions for the automotive industry and wireless technologies. The company's net sales for the year 2009 totaled EUR 153.8 million. Elektrobit Corporation is listed on the NASDAQ OMX Helsinki. www.elektrobit.com
