March 18, 2020 / 7:04 AM / 14 days ago

BRIEF-Reg-Nexstim Starts Personnel Negotiations

March 18 (Reuters) - Nexstim Oyj:

* REG-NEXSTIM PLC TO INITIATE NEGOTIATIONS UNDER THE CO-OPERATION WITHIN UNDERTAKINGS ACT

* ON CORONAVIRUS: EFFECTS OF GLOBAL CORONAVIRUS SITUATION ARE EXPECTED TO HAVE A NEGATIVE IMPACT ON COMPANY’S BUSINESS ENVIRONMENT IN SHORT TERM.

* COMPANY ADDITIONALLY SEES THAT ADJUSTMENT MEASURES ARE ESSENTIAL TO SAFEGUARD COMPANY’S PRODUCTIONAL AND ECONOMICAL OPERATING CONDITIONS. NEXSTIM GROUP AIMS TO REACH UP TO EUR 3 MILLION ANNUAL SAVINGS FROM ITS GLOBAL OPERATIONS. EXECUTION OF COST SAVING PLAN WILL BEGIN IMMEDIATELY.

* ACCORDING TO PRELIMINARY ESTIMATION BY COMPANY, CO-OPERATION NEGOTIATIONS IN FINLAND MAY RESULT IN A REDUCTION OF NUMBER OF EMPLOYEES AS WELL AS INDEFINITE LAY-OFFS

* MAXIMUM NUMBER OF EMPLOYEES SUBJECT TO TERMINATION OF EMPLOYMENT IS ESTIMATED TO BE FIVE

* LAY-OFF PLANS CONCERN ALL PERSONNEL AND ALL PERSONNEL GROUPS

* CO-OPERATION NEGOTIATIONS CONCERN ALL PERSONNEL GROUPS.

* IT IS ESTIMATED THAT CO-OPERATION NEGOTIATIONS WILL BE CONCLUDED BY BEGINNING OF APRIL. Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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