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2009-05-28 18:00:00 CEST 2009-05-28 18:00:56 CEST REGULATED INFORMATION Tieto Oyj - Company AnnouncementTieto concludes personnel negotiations in FinlandTieto Corporation Stock Exchange Release 28 May 2009, 7.00 pm EET In April, Tieto announced Group-wide personnel adjustments. In Finland, the related personnel negotiations have now been concluded, and as a result, Tieto will make a total of 220 persons redundant and temporarily lay off no more than 1 500 employees during 2009 either for a fixed period or until further notice. Most of these 1 500 employees will be laid off for a fixed period varying from two weeks to ninety days. The actions will be started on 1 June 2009. Of the 220 job cuts, about 100 will be made during June and July and the rest by the end of the year. These persons work mainly in the capital area, but there will be redundancies in other locations in Finland too. Tieto has also initiated other streamlining actions such as consolidating offices, reducing the number of subcontractors and cutting down business expenses. In Finland, Tieto has decided to consolidate its offices in selected locations, e.g. Helsinki, Tampere and Oulu. Personnel working in the offices that will be closed will move to other Tieto premises. Ari Karppinen, Country Head for Finland comments: "These personnel adjustments are part of Tieto's actions to reduce costs in general and adjust Tieto's business operations to the current demand. In Finland, we are also going through a more profound structural change as the production of IT services is increasingly moving to offshore countries with lower cost levels. Uncertainty prevails over the future development of the IT market. However, by favouring layoffs over redundancies we are able to maintain our flexibility." Tieto currently employs approximately 16 700 people of whom 5 700 work in Finland. For further information, please contact: Ari Karppinen, Country Head for Finland, tel. +358 2072 71137 Reeta Kaukiainen, EVP, Communications and Investor Relations, tel. +358 2072 68711, +358 50 522 0924, reeta.kaukiainen@tieto.com TIETO 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. www.tieto.com |
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