Espoo, Finland, 2013-03-05 07:55 CET (GLOBE NEWSWIRE) --
EFORE PLC Stock Exchange Release March 5, 2013 at 8.55 a.m.
Efore starts profitability and efficiency improvement program targeting to annual cost base reduction of at least EUR 1.5 million by the end of this year.
The aim of program is to streamline Efore’s operations and organization to improve the capability to face the demand fluctuations.
As part of the program Efore commences labour negotiations with its entire personnel in all locations. According to a preliminary estimate, a reduction in personnel of at most 75 employees will be required of which at most 15 in Finland. In Finland, in addition to permanent layoffs, negotiations will be conducted on possible temporary layoffs affecting all personnel groups.
On January 31, 2013 Efore total number of employees was 825 and 83 of them worked in Finland.
EFORE PLC
Vesa Vähämöttönen
President and CEO
For further information please contact Mr.Vesa Vähämöttönen, President and CEO, tel. +358 9 4784 6312
DISTRIBUTION Nasdaq OMX Helsinki Oy
Principal media
Efore Group
Efore Group is an international company which develops and produces demanding power products. Efore’s head office is based in Finland and its production unit is located in China. Efore is present also in Sweden. In the fiscal year ending in October 2012, consolidated net sales totaled EUR 78,1 million and the Group’s personnel averaged 888. The company's share is quoted on the Nasdaq OMX Helsinki Ltd.
www.efore.com
Mr.Vesa Vähämöttönen, President and CEO, tel. +358 9 4784 6312