Tulikivi Oyj - Company Announcement

OUTCOME OF CODETERMINATION NEGOTIATIONS: SAVINGS OF EUR O.5 MILLION IN STAFF COSTS

TULIKIVI CORPORATION                                               STOCK
EXCHANGE RELEASE 
         11 May 2015, at 3.45 p.m. 







OUTCOME OF CODETERMINATION NEGOTIATIONS: SAVINGS OF EUR 0.5 MILLION IN STAFF
COSTS 



In its interim report of 29 April, Tulikivi Corporation announced that it would
be cutting fixed costs by EUR 2.5 million due to the level of demand being
weaker than anticipated. The cost savings will be introduced in 2015 and will
consist of cuts in operations and savings in fixed staff costs. 



The savings in fixed staff costs will be approximately EUR 0.8 million.
Following the codetermination negotiations, which concluded today, the decision
was taken to lay off 12 office employees until further notice. Temporary
layoffs will also be made within the company. The savings in fixed staff costs
as a result of the layoffs will total about EUR 0.5 million. The company has
also made structural changes which will lead to savings of approximately EUR
0.3 million by revising its management structure and reducing the size of the
Board of Directors. The full effect of these savings will be realized in 2016. 





TULIKIVI CORPORATION





Heikki Vauhkonen

Managing Director





Distribution: NASDAQ OMX Helsinki

Key media

www.tulikivi.com





Further information:  Tulikivi Corporation, 83900 Juuka, www.tulikivi.com

  -- Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555