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2009-02-26 12:00:00 CET 2009-02-26 12:00:58 CET REGULATED INFORMATION TietoEnator Oyj - Company AnnouncementTieto starts personnel adjustments to address the weakened market conditionsTietoEnator Corporation Stock Exchange Release 26 February 2009, 1.00 pm EET Due to the continuous deterioration of the macroeconomic environment and its impact on demand for IT services in certain industry sectors on Tieto's main markets, Tieto will start personnel negotiations regarding employee reductions in selected operating countries mainly in Northern Europe. The company expects these actions to affect altogether approximately 350 employees, of which approximately 170 will be in Sweden. The rest 180 redundancies are distributed rather evenly between Denmark, Norway, Germany, the UK, Latvia and India. Finland is not included in this process. CEO Hannu Syrjälä says: "The downturn of the overall economy has continued and this has lead to cautiousness in IT investments among our customers in certain industry sectors. We are taking actions to address this change in demand and to reduce overall costs." Tieto currently employs 16 600 persons of which approximately 6 600 work in Finland, 3 500 in Sweden and the rest in other countries. For more information: Johanna Pyykönen-Walker, EVP, Human Resources, tel. +358 2072 2010 Eva Gidlöf, EVP, Country Head of Sweden, tel. +46 10 4813544 Reeta Kaukiainen, Communications and Investor Relations, tel. +358 2072 68711, +358 50 522 0924, reeta.kaukiainen@tieto.com TIETOENATOR CORPORATION DISTRIBUTION NASDAQ OMX Helsinki NASDAQ OMX Stockholm Principal Media Tieto is an IT service company providing IT, R&D and consulting services. With approximately 16 000 experts, we are among the leading IT service companies in Northern Europe and the global leader in selected segments. We specialize in areas where we have the deepest understanding of our customers' businesses and needs. Our superior customer centricity and Nordic expertise set us apart from our competitors. Tieto is our new brand name as of 1 December 2008. The official registered name of the company is TietoEnator Corporation. www.tieto.com |
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