Panostaja Oyj - Inside information

PANOSTAJA INVESTMENT TARGET GRANO’S EMPLOYER-EMPLOYEE NEGOTIATIONS END

Panostaja Oyj                Stock Exchange Bulletin  November 2, 2017   9.00 am.

Panostaja Group member Grano Group has now brought the employer-employee negotiations initiated on September 6, 2017 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 150 people. At the end of September, Grano Group employed 1,139 people.

The operational restructuring and streamlining measures target about MEUR 4 in annual cost savings, little less than half of which are estimated to be realized in the 2018 financial year. The targeted savings will take full effect on an entire financial period’s profitability level for the first time in the 2019 financial period.

Approximately MEUR 0.2 in one-time costs related to the restructurings will be recorded for the final quarter of the 2017 financial period.

Panostaja Oyj

Juha Sarsama

CEO

 

 

Further information:

CEO Jaakko Hirvonen Grano Oy +358 400 522 041

CEO Juha Sarsama, Panostaja Oyj, +358 40 774 2099

 

Panostaja is an investment company developing Finnish SMEs in the role of an active majority 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.

www.panostaja.fi