Brief: Bittium To Lay Off Up To 80 Employees

Bittium Oyj

23/08/2023 07:08

Aug 23 (Reuters) - Bittium Oyj  BITTI.HE :
    * BITTIUM CORPORATION CONTINUES TO DEVELOP ITS OPERATIONS
TOWARDS
INDEPENDENT BUSINESS UNITS AND STARTS CHANGE NEGOTIATIONS
    * BITTIUM CORPORATION HAS TODAY DECIDED TO START CHANGE
NEGOTIATIONS AS PART OF MEASURES TO IMPROVE ITS PROFITABILITY
AND DEVELOP ITS OPERATIONS TOWARDS INDEPENDENT BUSINESS UNITS
    * CHANGE NEGOTIATIONS CONCERN ALL BITTIUM GROUP'S
SUBSIDIARIES IN
FINLAND, AND NEGOTIATIONS COVER AROUND 600 EMPLOYEES
    * PLANNED MEASURES, IF IMPLEMENTED, COULD LEAD TO A
TERMINATION OF
EMPLOYMENT OR LAY-OFFS OF A MAXIMUM OF 80 EMPLOYEES
    * CHANGE NEGOTIATIONS ARE INITIATED FOR FINANCIAL AND
PRODUCTION-RELATED REASONS AS WELL AS FOR REASONS RELATED TO
REORGANIZATION OF COMPANY'S OPERATIONS
    * TO ENABLE PROFITABLE GROWTH, BITTIUM HAS ALSO CONTINUED
OTHER
MEASURES AND IS REVIEWING ITS PROCESSES, OPERATING METHODS, AND
COST STRUCTURE. AS PART OF MEASURES, CO HAS DECIDED TO CLOSE ITS
OFFICES IN MEXICO AND SINGAPORE AND TERMINATE ACTIVITIES OF ITS
SUBSIDIARIES (BITTIUM MEXICO S.A. DE C.V. AND BITTIUM SINGAPORE
PTE. LTD.) IN THESE COUNTRIES
    * THIS WILL NOT AFFECT COMPANY'S ABILITY TO SERVE ITS
CUSTOMERS OR
DELIVER PRODUCTS TO ITS CUSTOMERS IN SOUTH AMERICA OR ASIA
    * WITH THESE MEASURES TO IMPROVE PROFITABILITY AND
STRENGTHEN
COMPETITIVENESS, BITTIUM AIMS FOR ANNUAL COST SAVINGS OF
APPROXIMATELY EUR 6.0 MILLION

Source text for Eikon:  ID:nWkr6Mbdvz 
Further company coverage:  BITTI.HE 

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