Elektrobit Group Oyj - EB, ELEKTROBIT CORPORATION, CONCENTRATES ITS R&D OPERATIONS IN FINLAND AND CLOSES TURKU SITE
April 08, 2009
EB, ELEKTROBIT CORPORATION, CONCENTRATES ITS R&D OPERATIONS IN FINLAND AND CLOSES TURKU SITE
PRESS RELEASE
Free for publication on April 8, 2009 at 16.00 (CEST+1)
EB, ELEKTROBIT CORPORATION, CONCENTRATES ITS R&D OPERATIONS IN FINLAND AND CLOSES TURKU SITE
As a part of the earlier announced profitability improvement and cost structure adjusting program targeting to achieve EUR 10 million savings, EB has decided to close its site in Turku on October 2009 and focus the Wireless Segment's R&D activities in Finland to the other existing sites in Oulu, Kajaani, Tampere and Espoo. The personnel negotiations were concluded on April 7, 2009 and maximum number of dismissal is 49 based on the restructuring, financial and production related reasons.
The reduction of the personnel and closing the Turku site in Finland are part of EB's actions to improve the profitability and adjust the cost structure. EB's target is to achieve EUR 40 million annual cost savings in comparison to the cost level of the first half of 2008.
FURTHER INFORMATION:
Ari Virtanen
Executive Vice President, Wireless Solutions
Tel. +358 400 435 878
Outi Torniainen
Director, Communications and Marketing
Tel. +358 40 512 1375
DISTRIBUTION:
Main 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 2008 totaled EUR 172.3 million. Elektrobit Corporation is listed on NASDAQ OMX Helsinki Ltd.
www.elektrobit.com
