SRV GROUP PLC STOCK EXCHANGE RELEASE 27 OCTOBER 2022 08:20 EEST
SRV will start change negotiations in accordance with the co-operation act
SRV will start change negotiations in accordance with the co-operation act. The aim of the negotiations is to adjust the company’s cost structure and number of personnel to meet the demand of the current market situation. The negotiations are part of the adjustment measures with which the company, together with other measures, aims for a total of 6-8 million euros in cost savings for 2023.
”The market outlook for the construction sector has weakened significantly as consumer confidence has fallen and interest rates and investors' return requirements have risen”, says Saku Sipola, President and CEO of SRV. “We strive to find permanent measures that improve the cost structure as well as flexible solutions that achieve both sufficient cost efficiency and the opportunity for agile operation when the market recovers.”
The negotiations concern approximately 500 people. SRV currently employs approximately 870 people. The estimated need for permanent personnel reductions is 45 person-years at most. In addition to this, layoffs are evaluated as a means of adaptation in the negotiations, which ensure sufficient flexibility in case of changes in the market situation.
For further information, please contact:
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi
Kristiina Sotka, Senior Vice President, HR, tel. +358 (0)400 100 599, kristiina.sotka@srv.fi
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SRV in brief
SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes into consideration the wellbeing of both the environment and people. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter – and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.
Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2021, our revenue totalled EUR 932.6 million. In addition to about 1,000 SRV employees, we have a network of around 3,600 partners.
SRV – Building for life