WULFF-GROUP PLC STOCK EXCHANGE RELEASE 18 MARCH 2009, 10.00 A.M.
WULFF-GROUP PLC’S SUBSIDIARIES AND PARENT COMPANY HAVE CONCLUDED CO-OPERATION
The co-operation negotiations of Wulff-Group Plc’s subsidiaries Beltton Oy,
KB-tuote Oy, Suomen Rader Oy and Vinstock Oy and the Group’s parent company have
been concluded. The negotiations were initiated on 2 March 2009. Operations are
adjusted due to the downward turn in the demand for the office supplies and
services caused by the present market situation, production-related and
financial issues as well as changes related to business reorganisation.
The negotiations were based on a proposal made by the employer. The cooperation
negotiations applied to the personnel in administration, support functions and
logistics of the subsidiaries and the parent company. The
subsidiaries and the parent company that participated in the co-operation
negotiations employ a total of 160 persons, of which approximately 35 per cent
work in administration, sales support and logistics. Possible terminations,
lay-offs and task rearrangements that may be decided on as a result of the
negotiations were estimated to affect 25 persons at most. As a result of
negotiations, the subsidiaries and the parent company will reduce its staff by a
total of 6 people and lay-off temporarily a total of 13 people. These measures
are expected to result in cost-savings of approximately EUR 250,000 during 2009.
As a result of the co-operation negotiations, the Group will also carry out a
cost-savings programme planned jointly with the personnel, through which the
company expects to achieve approximately an additional EUR 100,000 as
cost-savings during this year. In addition to measures taken as a result of the
co-operation negotiations, a temporary management salary cut has been carried
out, which is expected to result in cost-savings of approximately EUR 100,000.
The cooperation negotiations have been carried out in compliance with the
cooperation act, and the actions will be initiated immediately. The negotiations
were carried out in order to secure the company’s competitiveness and
operational viability in the future.
Heikki Vienola, CEO
Tel. +358 9 5259 0050 or +358 50 65 110
Sirpa Väisänen, IR Officer
Tel. +358 9 5259 0050 or +358 400 943 243
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