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Sector
Technology
Size
Small Cap
Market Cap £199.3m
Enterprise Value £197.5m
Revenue £67.3m
Position in Universe 712th / 1830

ELEKTROBIT (EB) STARTS PERSONNEL NEGOTIATIONS TO TEMPORARILY LAY OFF 150 EMPLOYEES AT THE MAXIMUM, TARGETING COST SAVINGS OF ABOUT EUR 1.5 MILLION IN WIRELESS BUSINESS SEGMENT

Thu 8th August, 2013 6:02am

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130808:nHUGddNf


STOCK EXCHANGE RELEASE

Free for publication on August 8, 2013, at 8.00 am. (CEST+1)

ELEKTROBIT (EB) STARTS PERSONNEL NEGOTIATIONS TO TEMPORARILY LAY OFF 150 EMPLOYEES AT THE MAXIMUM,
TARGETING COST SAVINGS OF ABOUT EUR 1.5 MILLION IN WIRELESS BUSINESS SEGMENT 

Elektrobit (EB) has today started personnel negotiations in Wireless Business Segment to adjust
its cost level to correspond the weakened demand outlook for the rest of the year. With temporary
layoffs EB aims at EUR 1.5 million cost savings, which are expected to materialize mainly during
the fourth quarter. 

In order to achieve the targeted cost savings, EB plans to temporarily lay off 150 employees at
the maximum, for 90 days at the maximum, part-time or full-time. The negotiations concern
employees working in Elektrobit Wireless Communications Ltd. Currently 548 employees are working
in Wireless Business Segment.

The underlying reasons for the planned layoffs are the decreased order volume for the second half
of 2013 from a large customer of EB, and delays in some special terminal projects.

The weakened demand outlook for the rest of the year and the planned cost savings resulting from
the temporary layoffs have been taken into account in the outlook for 2013 given today in the
interim report January-June 2013. The interim report January-June 2013 is available in the
company's web page at www.elektrobit.com http://www.elektrobit.com . 

Oulu, August 8, 2013

Elektrobit Corporation

Jukka Harju

CEO

Further information:

Hannu Huttunen

President of the Wireless Business Segment

Tel. +358 40 344 3507

Distribution:

NASDAQ OMX Helsinki

Principal media

Elektrobit (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 from continuing operations in 2012 totaled MEUR 185.4. Elektrobit Corporation is listed
on NASDAQ OMX Helsinki. www.elektrobit.com http://www.elektrobit.com 



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This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Elektrobit Oyj via Thomson Reuters ONE


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