March 14, 2018 / 6:26 AM / 6 months ago

BRIEF-Pihlajalinna To Restructure And Reduce Personnel With About 27 Employees

March 14 (Reuters) - PIHLAJALINNA OYJ:

* PIHLAJALINNA IS RESTRUCTURING AS WELL AS REFORMING ITS SEGMENT REPORTING; CODETERMINATION NEGOTIATIONS HAVE BEEN COMPLETED

* ‍COMPANY IS MOVING FROM A BUSINESS-BASED STRUCTURE TO A GEOGRAPHICAL STRUCTURE.​

* NEW ORGANIZATIONAL STRUCTURE WILL ENTER INTO EFFECT ON 14 MARCH 2018.

* ‍NEW STRUCTURE HAS FOUR GEOGRAPHICAL BUSINESS AREAS: MID-FINLAND, SOUTHERN FINLAND, OSTROBOTHNIA AND NORTHERN FINLAND​

* ‍CODETERMINATION NEGOTIATIONS COMPLETED, PERSONNEL REDUCTIONS APPROXIMATELY 27​

* ‍ADDITIONALLY, 6 PEOPLE RESIGNED DURING NEGOTIATIONS​

* COSTS OF TERMINATING EMPLOYMENT RELATIONSHIPS RELATED TO RESTRUCTURING AMOUNT TO APPROXIMATELY MEUR 0.6

* CODETERMINATION NEGOTIATIONS AFFECTED APPROXIMATELY 240 PERSONS IN PIHLAJALINNA PLC’S THREE SUBSIDIARIES

* ‍AS A RESULT OF RESTRUCTURING, COST SAVINGS AMOUNT TO APPROXIMATELY EUR 2.8 MILLION PER YEAR​

* REDUCTIONS WILL MAINLY AFFECT ADMINISTRATION AND MANAGERIAL AND EXECUTIVE LEVEL Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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