Elcoteq to restructure in Finland

Elcoteq has today convened a meeting of the employee representatives of Elcoteq SE Finnish Branch, Elcoteq Finland Oy and Elcoteq Design Center Oy for statutory personnel negotiations. The negotiations will address the restructuring of the company's activities in Finland and the possibility of temporary lay-offs, shifting to part-time works or the termination of employee contracts on production or financial grounds. The personnel negotiations are estimated to impact Elcoteq's entire personnel in Finland. Besides Finland, similar reorganization of operations and rationalization procedures are being discussed in certain other Elcoteq locations. With the restructuring plan, the company targets to achieve significant annual fixed cost savings.