SRV Group Plc prepares for the continuation of recession in the construction
market. Tightening of the market has reflected on SRV's business operations in
deferment of the projects and decrease in construction production. Moreover,
residential sales have slowed down essentially. Therefore, SRV rationalizes its
internal processes and adjusts the number of employees to the market situation.
SRV starts negotiations concerning the adjustments in the group companies. The
Group's Finnish companies will start the co-operation negotiations covering the
managerial staff and white-collar employees. At the same time, corresponding
process is started in the Group's units abroad.
The negotiations to be started concern lay-offs, redundancies and other
adjustment actions. The need for reduction applies to 130 persons, at the most,
of which approximately 50 in the units abroad. More detailed goals and measures
will be defined during the negotiation process.
SRV Group Plc
Eero Heliövaara
CEO
For further information, please contact:
Eero Heliövaara, president and CEO, tel. +358 (0)20 1455 202
Distribution:
Nasdaq OMX Helsinki
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