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Sector
Technology
Size
Small Cap
Market Cap £209.5m
Enterprise Value £207.6m
Revenue £68.2m
Position in Universe 704th / 1838

Elektrobit (EB) rationalizes its operations in the Wireless Business Segment in Finland

Wed 17th December, 2014 9:30am
Elektrobit (EB) rationalizes its operations in the Wireless Business Segment in Finland

Stock exchange release

Free for publication on December 17, 2014 at 11.30 a.m. (CET+1)

Elektrobit (EB) rationalizes its operations in the Wireless Business Segment in Finland

Elektrobit (EB) has concluded personnel negotiations, started on November 6, 2014, in its Wireless Business Segment in Finland in order to centralize some its operations more in Oulu and to focus the roles of its offices in Finland. EB has decided to terminate the employment contracts of a maximum of 19 employees in its sites in Kajaani and Tampere. For a few employees, EB will alternatively offer new positions in Oulu. With these actions EB will achieve annual cost savings of approximately EUR 1 million, from the beginning of 2015 onwards. Currently, the Wireless Business Segment has 465 employees in Finland.

These cost saving actions will cause non-recurring costs of about EUR 0.4 million that will weaken the operating result of the last quarter of 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 on November 6, 2014, available on the company's internet pages at www.elektrobit.com.

Oulu, December 17, 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

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