SRV GROUP PLC STOCK EXCHANGE RELEASE 13 DECEMBER 2022 3:00 EET
SRV’s change negotiations in accordance with the co-operation act have been completed
SRV has completed change negotiations in accordance with the co-operation act. At the start of the negotiations, the company estimated that the need for permanent personnel reductions would be 45 person-years at most. After the retirements and redundancies of the personnel during the negotiations, the negotiations resulted in personnel reductions of a total of 33.5 person-years. In addition, 30 people will be laid off until further notice. As part of the negotiated solution, the company also has the possibility to lay off permanent personnel that the negotiations concerned, for a fixed period of up to 90 days per person during 2023, if necessary.
The personnel reductions and layoffs as a result of 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 aim of the negotiations was to adjust the company's cost structure and number of personnel to meet the demand of the current market situation. In the negotiations, efforts were made to find both 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 concerned approximately 500 people.