EEZY Eezy Plc

VMP progresses with the integration of Smile

VMP progresses with the integration of Smile

VMP PLC  --  COMPANY ANNOUNCEMENT  --  3 OCTOBER 2019 at 8:00

VMP progresses with the integration of Smile

VMP Plc has progressed with the integration of the Smile acquisition completed in August.

In early September, VMP announced the new management team for the group and the planning of the next organizational levels has progressed since then. At the same time, the planning of the strategy, brand etc. of the combined company has progressed. The company plans to re-organize its operations so that the support functions that have partially been in the subsidiaries, will be increasingly centralized to group-wide units.

As a result of the planning work done to date, the estimate of the potential synergy benefits has been clarified. Based on the current estimate, cost synergy benefits of approx. 5 million euro are expected to arise from the combination. A significant part of the synergies will materialize during the first year, and the remaining part during 2020-2021 as the harmonization of IT systems and processes, as well as adoption of the best practices across the organization advances.

The company is launching employee co-operation negotiations for re-organising the operations of the company. The company has so far identified some overlapping in personnel, which may lead to a reduction of a maximum of 20 salaried employees in various group companies in 2019.

The company plans to provide more information on the renewed strategy and financial targets by the end of 2019.

For further information:

Sami Asikainen

CEO



tel. +358 (0)40 700 9915

Hannu Nyman

CFO



tel. +358 (0)50 306 9913

Certified Adviser:

Danske Bank A/S, Finland Branch, tel. +358 (0)10 546 7934



EN
03/10/2019

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