Oriola’s cooperation negotiations completed

Oriola Corporation Stock Exchange release 13 December 2021 at 10 a.m.

Oriola’s cooperation negotiations completed

Oriola Corporation announced on 4 October 2021 its plans to optimise and restructure the operating model and organisational structure to reduce complexity and improve profitability. Based on these plans, the company initiated statutory employee cooperation negotiations that are now concluded. The negotiations concerned approximately 600 employees in Oriola’s both operating countries, Sweden and Finland.

As a result of the negotiations, Oriola will reduce in total 120 positions of which 52 in Finland and 68 in Sweden. Preliminary, Oriola estimated that the negotiations could lead to a maximum reduction of 130 positions. The headcount reduction will be implemented by terminating both fixed-term and permanent employment contracts. Oriola will provide support for those affected. The new operating model and country-based organisational structure will be effective as of 1 January 2022.

The estimated annual savings will be approximately 7 million euro. The savings are expected to materialise in the first quarter of 2022 onwards. The adjusting items related to the personnel reductions are estimated to be approximately 2.9 million euros.

The completed cooperation negotiations and operating model restructuring were the first measures of the company’s short-term action plan for the successful turnaround.

Oriola Corporation
Elisa Markula
CEO

Further information:

Elisa Markula
CEO
Tel. +358 10 429 2109
Email: elisa.markula@oriola.com

Elina Niemelä
CPO
Tel. +358 40 587 0879
Email: elina.niemela@oriola.com

Distribution:
Nasdaq Helsinki Ltd.
Key media

Released by:
Oriola Corporation
Corporate Communications
Orionintie 5
FI-02200 Espoo, Finland
www.oriola.com