Martela will initiate co-operation negotiations in order to minimize the negative financial impact related to coronavirus pandemic

The coronavirus pandemic and the crisis it has brought has negatively impacted the market situation which has long remained uncertain, weakening the demand and profitability of Martela's business. For this reason, Martela will continue to adjust its operations to reduce the negative impact of the changed market environment on its business.

In order to prepare to react on the spreading of the negative impacts on its business, Martela will initiate co-operation negotiations for lay-offs concerning the whole personnel in all Martela’s entities in Finland. Based on preliminary estimate, the planned lay-offs would last until the end of 2020.

Already ongoing actions including lay-offs in other countries will be continued subject to local legislation. Martela will also continue reducing its operating costs and all non-critical development projects will be postponed. While doing the cost reductions, Martela will focus to maintain its operational capabilities and customer delivery accuracy.

The Martela Group employs approximately 380 people in Finland.

Martela Corporation

Matti Rantaniemi

CEO

Further information

Matti Rantaniemi, CEO, tel. 4

Kalle Lehtonen, CFO, tel.  968

Distribution

NASDAQ Helsinki

Main news media

Our strategic direction is defined by our mission “Better working” and our vision “People-centric workplaces”. Martela provides people centric workplaces where the users and their wellbeing are in the core. We focus on the Nordic countries, as the Nordic countries are forerunner in hybrid working environments with common open work culture background and needs.