Vaahto Group adjusts operations and costs
VAAHTO GROUP PLC OYJ STOCK EXCHANGE RELEASE 18 February 2015 at 9.30
VAAHTO GROUP ADJUSTS OPERATIONS AND COSTS
The Board of Directors of Vaahto Group has decided to move operations of headquarters from Lahti to Japrotek Oy Ab’s office in Pietarsaari by 30 August 2015.
This is a part of Vaahto Group’s program for adjusting operations and costs which aims to reduce company’s annual costs of operations over 0.8 M euros.
The one-time cost of the operations and cost adjustment program is estimated to be not more than 0.4 M euros in 2015. The cost of the move of the headquarters is included in this estimation.
Vaahto Group Plc Oyj has ten employees, including group management and finance, IT and HR employees serving all Vaahto Group’s subsidiaries.
After focusing on Process Technology -business, according to its strategy, Vaahto Group has sold Paper Technology -business located in Hollola and Tampere in 2013 and 2014. The remaining units engaging in Process Technology -business are Japrotek Oy Ab in Pietarsaari and Stelzer Rührtechnik International in Warburg Germany and AP-Tela Oy in Kokkola.
“When considering costs and effective operations it is not justified to have headquarter operations in Lahti any more” said Reijo Järvinen, the chairman of the Board of Directors.
Vaahto Group will offer for some employees in Lahti opportunity to move to Pietarsaari of continue in Lahti with fixed-term contract.
In Lahti on 18 February 2015
VAAHTO GROUP PLC OYJ
Board of Directors
Topi Karppanen, CEO, +358 40 5001957