LEMMINKÄINEN CORPORATION STOCK EXCHANGE RELEASE 30 SEPTEMBER 2013 AT 9:00 A.M
LEMMINKÄINEN CONCLUDES PERSONNEL NEGOTIATIONS IN FINLAND
On 8 August 2013, Lemminkäinen announced the start of personnel negotiations that covered the entire Lemminkäinen Group in Finland and other countries of operation. Now, these negotiations have been concluded in Finland.
As a result, Lemminkäinen will cut a maximum of 265 man-years from its Finnish operations. The personnel reductions will be realised through termination of employment contracts, temporary lay-offs, discontinuation of fixed-term contracts or normal retirement, resignations and other potential voluntary arrangements. The reductions will take place gradually by the end of April 2014. The exact reduction rates from each site will be fully clear only after this.
The measures decided in the personnel negotiations were a response to the company's need to improve its efficiency and competitiveness. The negotiations are part of Lemminkäinen's efficiency programme that aims to achieve cost savings of EUR 30 million. In addition to personnel reductions, the company is working to alleviate the impact of seasonal variation in the paving and aggregate business on profitability and will reduce its network of sites.
Corresponding negotiations on the reduction of personnel are carried out in Lemminkäinen's other countries of operation. These negotiations are still ongoing, and their progress will be communicated in conjunction with the company’s interim reports.
In 2012, Lemminkäinen employed, on average, 8,200 people, and approximately 60 percent of these were working in Finland.
Timo Kohtamäki, President & CEO
tel. +358 2071 53263
NASDAQ OMX Helsinki Oy
Together with our customers we create conditions that make living, working and travelling functional, safe and healthy. We operate in northern Europe and employ about 8,200 experts. In 2012, our net sales were about EUR 2.3 billion. Lemminkäinen Corporation's share is quoted on NASDAQ OMX Nordic Exchange Helsinki. www.lemminkainen.com