LEMMINKÄINEN CORPORATION STOCK EXCHANGE RELEASE 30 NOVEMBER 2017 AT NOON
LEMMIKÄINEN PAVING SEGMENT TO IMPROVE ITS COMPETITIVENESS IN SWEDEN AND NORWAY AND INITIATE NEGOTIATIONS TO REDUCE PERSONNEL
Lemminkäinen’s Paving segment starts a programme to improve its competitiveness and profitability in Sweden and Norway.
Both in Sweden and Norway, the market outlook is good but Lemminkäinen has suffered from the intense price competition and weak operative performance. The company estimates that to improve its competitiveness and profitability, it needs to re-estimate its regional presence and seek ways to lighten its operating model in both countries.
Through these actions, Lemminkäinen aims to save approximately EUR 5 million in fixed costs annually. According to the initial estimates, the personnel impact of the planned measures will be up to 170 full-time equivalents. Personnel negotiations related to this matter will start in Sweden and Norway on 30 November 2017 according to local law and regulations and they will be completed by the end of first quarter of 2018.
Casimir Lindholm, President and CEO
Tel. +358 2071 53304
Nasdaq Helsinki Ltd
Lemminkäinen is an expert in complex infrastructure construction and building construction in Northern Europe and one of the largest paving companies in its market. Together with our customers and 4,700 professionals we employ, we build a sustainable society. In 2016, our net sales were EUR 1.7 billion. Lemminkäinen Corporation’s share is quoted on Nasdaq Helsinki Ltd. www.lemminkainen.com