Panostaja Oyj - Inside information

Panostaja Investment Target Grano’s Employer-Employee Negotiations End

Panostaja Oyj                Stock Exchange Bulletin, inside information         October 15, 2019   13.00 pm.

Panostaja Investment Target Grano’s Employer-Employee Negotiations End

Panostaja Group member Grano Group has now brought the employer-employee negotiations initiated on August 27, 2019 to a close. The measures agreed upon through the negotiations involve the streamlining of group-level operations and production through restructuring and centralization arrangements. As a result of the negotiations, employee numbers in the Group’s various operating locations will be reduced by an estimated 100 people. According to the company’s initial estimate, the reorganizations may lead to the full-time or part-time lay-off or dismissal of up to 140 people. At the end of September, Grano Group employed 1,060 people.

The operational restructuring and streamlining measures target about MEUR 4,5 in annual cost savings, over than half of which are estimated to be realized in the 2020 financial year. The targeted savings will take full effect on an entire financial period’s profitability level for the first time in the 2021 financial period.

Approximately MEUR 1 in one-time costs related to the restructurings will be recorded for the final quarter of the 2019 financial period.

Panostaja Oyj

Tapio Tommila
CEO

Further information:

CEO Pekka Mettälä Grano Oy +358 40 504 2019

CEO Tapio Tommila Panostaja Oyj +358 40 527 6311

Panostaja is an investment company developing Finnish SMEs in the role of an active shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja increases the Group's shareholder value and creates Finnish success stories. Panostaja has a majority holding in eight investment targets. Panostaja’s shares (PNA1V) are quoted on the Nasdaq Helsinki Stock Exchange. In the 2018 financial year, the Group’s net sales totaled MEUR 185.2.

www.panostaja.fi/en