Elcoteq lay off less than expected

Elcoteq SE's personnel negotiations that were started in the beginning of March have been concluded. The negotiations concerned the personnel at the Lohja manufacturing plant, the company's product development unit and the NPI (new product introduction) unit in Finland. As a result of the negotiations altogether 65 employment contracts will be terminated and 15 persons will be temporarily laid-off on production or financial grounds. At the start of the negotiations, the company estimated that the possible actions would affect at most approximately 120 people. With these measures the company aims to assure the long-term competitiveness and profitability of the units. The terminations of work contracts do not create any significant one-time costs. Elcoteq currently employs roughly 20,000 employees worldwide, approximately 870 of whom work in the company's units in Finland.