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Elektrobit Oyj (HEL:EBG1V) STOCK EXCHANGE RELEASE Available for publication on October 21, 2008 at 09.00 am (CEST+1)
EB, ELEKTROBIT CORPORATION, REDUCES ITS PERSONNEL IN SUPPORT FUNCTIONS
EB announced that it would reduce its personnel working in administration and support functions on October 1, 2008. The goal was to reduce approximately 40 jobs. As a result of the personnel negotiations in Finland that concluded on October 21, 2008, natural attrition, reduction of EB's external workforce, transfer of employees to EB's businesses and termination of temporary employment the personnel from administration and support functions will be reduced by 42 employees.
Personnel negotiations in administration and support functions have been a part of the company's actions in order to improve its profitability and adjust its cost structure. EB's target is to achieve annual cost savings totaling approximately EUR 30 million compared to the cost level of the first half of 2008.
Elektrobit Corporation Pertti Korhonen CEO
Further information: Pertti Korhonen CEO Tel. +358 40 344 5148
DISTRIBUTION: OMX Nordic Exchange Helsinki Ltd. Main media offices
EB, Elektrobit Corporation EB develops advanced technology and transforms it into enriching end user experiences. EB specializes in demanding embedded software and hardware solutions for the automotive industry and wireless technologies. The company's net sales for the year 2007 totaled EUR 144.3 million. Elektrobit Corporation is listed on the OMX Nordic Exchange Helsinki. www.elektrobit.com
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
