Brief: Panostaja Group Member Grano Concludes Employer-Employee Negotiations

Panostaja Oyj

15/10/2019 11:07

Oct 15 (Reuters) - Panostaja Oyj  PNA1V.HE :
    * REG-PANOSTAJA INVESTMENT TARGET GRANO’S EMPLOYER-EMPLOYEE
NEGOTIATIONS END
    * AS A RESULT OF NEGOTIATIONS, EMPLOYEE NUMBERS IN GROUP'S
VARIOUS
OPERATING LOCATIONS WILL BE REDUCED BY AN ESTIMATED 100 PEOPLE
    * ACCORDING TO COMPANY'S INITIAL ESTIMATE, REORGANIZATIONS
MAY
LEAD TO FULL-TIME OR PART-TIME LAY-OFF OR DISMISSAL OF UP TO 140
PEOPLE
    * OPERATIONAL RESTRUCTURING AND STREAMLINING MEASURES TARGET
ABOUT
MEUR 4,5 IN ANNUAL COST SAVINGS, OVER THAN HALF OF WHICH ARE
ESTIMATED TO BE REALIZED IN 2020 FINANCIAL YEAR
    * TARGETED SAVINGS WILL TAKE FULL EFFECT ON AN ENTIRE
FINANCIAL
PERIOD'S PROFITABILITY LEVEL FOR FIRST TIME IN 2021 FINANCIAL
PERIOD
    * APPROXIMATELY MEUR 1 IN ONE-TIME COSTS RELATED TO
RESTRUCTURINGS
WILL BE RECORDED FOR FINAL QUARTER OF 2019 FINANCIAL PERIOD

Source text for Eikon:  ID:nGNE7KrLkY 
Further company coverage:  PNA1V.HE 

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