Ponsse’s cooperation negotiations have ended
Ponsse Plc
Other information published based on stock exchange rules, 24 August 2022 at 4:30 EEST
Ponsse’s cooperation negotiations have ended
Ponsse Plc’s cooperation negotiations pursuant to the Act on Co-operation within Undertakings have been completed today. The negotiations concerned Ponsse Plc’s all personnel groups and all operations in Finland, apart from technology company Epec Oy, covering a total of 1017 people.
According to the negotiation results, the company will discharge 23 employees. The personnel reductions are divided into different functions of the company. In addition, temporary layoffs concerning the company’s all operations with the exception of maintenance and spare parts services were agreed upon, corresponding to a maximum of 50 annual work units. Layoffs will be implemented if the company’s financial or production situation so requires, and their maximum duration will be 90 days per person. Layoffs can be implemented during the rest of 2022 and during 2023.
In addition to the discharges based on the negotiations, the number of personnel in the company will decrease by 43 people by the end of the year due to the termination of fixed-term employment contracts, retirements and resignations that have occurred during the negotiations.
During the cooperation negotiations initiated on 13 June 2022, personnel reductions and layoffs corresponding to a maximum of 120 annual work units were negotiated.
“We have to adapt our operations to the changed situation while keeping the impact on our personnel at a minimum. Our needs for adaptations are related to the Russian invasion of Ukraine and the resulting stoppage in exports to Russia, increased manufacturing costs, and the decrease in profitability and cash flows,” says Juho Nummela, President and CEO of Ponsse.
Ponsse’s export and service operations in Russia have been suspended since 2 March 2022. The company signed an agreement of the sale of its Russian operations on 28 June 2022.
Vieremä, 24 August 2022
PONSSE PLC
Juho Nummela
President and CEO
FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 400 495 690
DISTRIBUTION
Nasdaq Helsinki Ltd
Principal media
www.ponsse.com
Ponsse Plc specialises in the sale, production, maintenance and technology of cut-to-length method forest machines, and is driven by a genuine interest in its customers and their business operations. Ponsse develops and manufactures sustainable and innovative harvesting solutions based on customer needs.
The company was established by forest machine entrepreneur Einari Vidgrén in 1970 and has been a leader in timber harvesting solutions based on the cut-to-length method ever since. Ponsse is headquartered in Vieremä, Finland. The company’s shares are quoted on the NASDAQ OMX Nordic List.