Lemminkäinen concludes personnel negotiations
LEMMINKÄINEN CORPORATION STOCK EXCHANGE BULLETIN 2.12.2011 at 12.45
LEMMINKÄINEN CONCLUDES PERSONNEL NEGOTIATIONS
Lemminkäinen has concluded the personnel negotiations regarding more efficient operating methods and reduction of personnel. The negotiations began on 24 October, and they affected the entire Lemminkäinen Group in Finland and in other operating countries.
As a result of the negotiations, the maximum personnel reduction need is 300 man-years. Staff cuts will mainly affect Finnish operations. The aim is to reduce the number by means of other savings and staff reorganisation.
All personnel reductions involved will be finalised by the end of 2012. These arrangements will not cause significant non-recurring expenses in 2011.
The measures agreed result from the company's need to strengthen its profitability and competitiveness. The negotiations were part of Lemminkäinen's comprehensive efficiency programme, seeking annual cost-savings of EUR 50 million from 2013 onwards.
The company employs approximately 8,000 of whom approximately 70 per cent work in Finland.
President and CEO Timo Kohtamäki
Tel. 02071 53263
NASDAQ OMX Helsinki Ltd
Lemminkäinen Group operates in all areas of the construction sector. The Group's business sectors are Building Construction, Infrastructure Construction and Technical Building Services. From the beginning of 2012, International Construction will form a fourth business sector. Net sales in 2010 were around EUR 2.0 billion, of which international operations accounted for roughly a quarter. The Group employs 8,000 people on average. Lemminkäinen Corporation's shares are quoted on NASDAQ OMX Helsinki Ltd. www.lemminkainen.fi