HONKARAKENNE INITIATES CHANGE NEGOTIATIONS
April 28 2023 - 4:00AM
HONKARAKENNE INITIATES CHANGE NEGOTIATIONS
HONKARAKENNE OYJ
Stock Exchange
Release Inside
information 28 April 2023 at
12:00
HONKARAKENNE INITIATES CHANGE NEGOTIATIONS
Low construction activity in both the domestic and export
markets has a negative impact on the company's operations and the
development of the order book. The company's goal has been to
compensate for the gap left by Russian export net sales in Finland
and, in particular, in other export areas of the company. According
to the company's view, due to the current economic situation in
Finland and Europe, sales will increase more slowly than previously
expected. As a result, the company must adapt its cost structure
and number of personnel to reflect the current market and demand
situation.
Honkarakenne Oyj initiates change negotiations, which concern
the company's entire personnel, with the exception of the members
of the Executive Group and the director of human resources.
The company is considering changes on economic, productional and
operational reorganization grounds that may lead to redundancies,
temporary lay-offs, part-time employment, or amending the terms of
employment.
The estimated total reduction need is a maximum of 27
person-years. The estimated schedule by which the measures will be
carried out is by the end of 2023. The estimates will be specified
during the negotiations within the limits mentioned above. The aim
of the change negotiations is to achieve annual cost savings of at
least EUR 1.7 million.If implemented, the plans may result in
adjustment items being recorded in the income statement. Any
potential adjustment items will be specified after the end of the
co-operation negotiations.
HONKARAKENNE OYJ
Marko SaarelainenPresident and CEO
Further information:
Marko Saarelainen, President and CEO, tel. +358 40 542 0254,
marko.saarelainen@honka.com orMaarit Jylhä, CFO, tel. +358 40 594
4099, Maarit.jylha@honka.com
DISTRIBUTION
Nasdaq Helsinki LtdKey mediaFinancial Supervisory
Authoritywww.honka.com
Honkarakenne Oyj manufactures high-quality, healthy and
ecological log homes, holiday homes and public buildings under its
Honka® brand from Finnish solid wood. The company has delivered
85,000 buildings to over 50 countries. House kits are manufactured
in Finland, the company's own factory is located in Karstula. In
2022, Honkarakenne Group's net sales were EUR 73.7 million, of
which exports accounted for 26%. www.honka.com
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