Elektrobit Oyj: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Elektrobit Oyj Completes Changes in Wireless Business Segment; Cuts Jobs
Elektrobit Oyj announced that it has completed the measures to improve its cost structure that were started on February 19, 2013. With these measures the Company estimates to reach the targeted approximately EUR 2 million annual cost savings in its Wireless Business Segment, fully effective from the second half of 2013 on. The measures resulted non-recurring costs of approximately EUR 0.8 million that affect negatively the Company's operating result of the first quarter of 2013. The underlying reasons for the measures to improve the cost structure were the changed business requirements. As part of these measures, EB reduced its personnel in the Wireless Business Segment globally by altogether 32 persons, eight of them in Finland. In addition, the Company also concentrated some of its Wireless Business Segment operations to Finland and moved the center of its United States operations from west coast to east coast, where many of the public sector customers are located. Currently Wireless Business Segment employs 538 persons in total.
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