Bittium Oyj logo

BITTI - Bittium Oyj News Story

€6.41 -0.2  -3.6%

Last Trade - 11/05/21

Sector
Technology
Size
Small Cap
Market Cap £203.9m
Enterprise Value £202.1m
Revenue £67.3m
Position in Universe 708th / 1835

Elektrobit (EB) plans to rationalize its operations in the Wireless Business Segment in Finland

Thu 6th November, 2014 6:05am
Elektrobit (EB) plans to rationalize its operations in the Wireless Business Segment in Finland

Stock exchange release

Free for publication on November 6, 2014 at 8.05 a.m. (CET+1)

Elektrobit (EB) plans to rationalize its operations in the Wireless Business Segment in Finland

Elektrobit (EB) plans to rationalize its operations in the Wireless Business Segment in Finland and targets to achieve annual cost savings of approximately EUR 1 million by centralizing some of its operations more in Oulu and by focusing the roles of its offices in Finland. EB has today started personnel negotiations with its Wireless Business Segment's personnel in Kajaani and Tampere based on financial and production related reasons and restructuring of employer's operations, which is estimated to lead to termination of 20 employment relationships at the maximum. Currently, Wireless Business Segment has 457 employees in Finland.

The planned cost saving actions, if materialized, are estimated to cause non-recurring costs of approximately EUR 0.4 million that will weaken the operating result of the last quarter 2014. Financial impacts of the planned actions are taken into account in the company's outlook for 2014 presented in the interim report January-September 2014, published today. The interim report January-September 2014 is available at the company's internet pages at www.elektrobit.com.

Oulu, November 6, 2014

Elektrobit Corporation
CEO
Jukka Harju

Further information:

Hannu Huttunen
President, Wireless Business Segment
Tel. + 358 40 344 5307

Distribution:
NASDAQ OMX Helsinki
Principal media

Elektrobit Corporation (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 in 2013 totaled EUR 199.3 million and operating profit was EUR 8.1 million. Elektrobit Corporation is listed on NASDAQ OMX Helsinki. www.elektrobit.com




This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Elektrobit Oyj via Globenewswire

HUG#1869146
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.