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Tieto Oyj Divests Italian and Spanish Businesses to GEA Enterprise S.R.L.


Thursday, 13 Dec 2012 02:00am EST 

Tieto Oyj announced that it has agreed to sell its business operations in Italy and Spain to GEA Enterprise S.R.L., a company owned by the current management of the divested businesses. The business operations, including around 300 employees, will be transferred to the new owner during December 2012. The divestment has not any significant impact on Tieto’s profitability. According to Tieto’s estimate, an impairment loss of around EUR 2.6 million will be booked in Global Accounts in the 2012 fourth-quarter results. 

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