Valmet Oyj's stock exchange release on April 24, 2020 at 13:00 p.m. EET
Valmet announced on April 21, 2020 the start of co-determination negotiations for temporary lay-offs in Finland. The negotiations were started due to financial and production related reasons, especially because of the reducing workload in the services business done close to customers and in order to prepare for the potential widening of the business impacts caused by the Covid-19 pandemic.
The negotiations concerned all employee groups in the Services business line in Finland and in the EMEA area organization in Finland, in total 1,700 employees. Valmet estimated at the start of the negotiation process that the need for temporary lay-offs would be around 200 employees at this stage.
The co-determination negotiations have now been completed, and as a result at this stage 72 employees in the Services business line in Finland and 105 employees in the EMEA area organization in Finland will be temporarily laid-off due to low workload. The lay-offs concern all employee groups.
The lay-offs can be implemented until the end of October and the scope and length of a lay-off can vary up to 90 days at maximum. The lay-off procedure will start next week (week 18) in those units, where workload has declined.
Valmet employs in Finland around 5,150 employees of which 1,700 in the Services business line and EMEA area organization.
Further information, please contact:
Aki Niemi, Business Line President, Services, Valmet, tel. +358 40 515 1145
Pekka Rouhiainen, Director, Investor Relations, Valmet, tel. +358 10 672 0020
VALMET
Kari Saarinen
CFO
Pekka Rouhiainen
Director, Investor Relations
Valmet is the leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. We aim to become the global champion in serving our customers.
Valmet's strong technology offering includes pulp mills, tissue, board and paper production lines, as well as power plants for bioenergy production. Our advanced services and automation solutions improve the reliability and performance of our customers' processes and enhance the effective utilization of raw materials and energy.
Valmet's net sales in 2019 were approximately EUR 3.5 billion. Our more than 13,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day. Valmet's head office is in Espoo, Finland and its shares are listed on the Nasdaq Helsinki.
Read more www.valmet.com, www.twitter.com/valmetglobal
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