Enedo starts employee co-operation negotiations in all operations and prepares for the uncertainty due to the coronavirus
Enedo Plc Stock Exchange Release March 23, 2020 at 1:00 p.m.
Enedo starts employee co-operation negotiations in all operations and prepares for the uncertainty due to the coronavirus
Enedo Plc starts employee co-operation negotiations on potential temporary lay-offs in its Finland operations. Negotiations include and potential layoffs are targeted to the whole Finland personnel of appr. 40 persons. Purpose of the negotiations is to potentially adjust operations to the prevailing market situation with temporary layoffs. Potential layoffs have been planned to be completed with a maximum 90 days lay off per employee. Negotiations start 24th of March 2020 and last maximum of two weeks. Similar negotiations and actions regarding shortening of work time and other local cost saving and personnel actions have been started also in the Italy unit.
Reason for the action is the COVID-19 virus impact to the market environment of the company and restrictions in mobility and business operations especially in Tunis, Italy and other parts of Europe.
“Demand for our products has remained good despite of the corona situation however there has been rapid changes in the general business environment especially in Tunis and Italy that affect our short term operations. Impacts of the emergency laws implemented in Tunis last week to our manufacturing plant there are still partly unclear but we assume that it will restrict also our plant’s operation. On 21st March 2020 Italy assumed additional measures to prevent spreading of corona virus and those measures have potential impact to our business. With temporary layoffs and re-organisation of work, we aim to preempt economic impacts of the coronavirus to our company’s operations.”, CEO Vesa Leino concludes.
ENEDO PLC
Vesa Leino
President and CEO
For further information please contact Mr. Vesa Leino, CEO, tel. 6.
DISTRIBUTION
Nasdaq Helsinki Ltd
Principal media
Enedo
Enedo is a European designer and producer of high-quality electronic power supplies and systems for critical equipment even in the most demanding environments. Enedo´s mission is to make electricity better – more reliable, more secure, more energy efficient – and just right to fit its purpose. Enedo´s three main product categories are Led Drivers, Power supplies and Power Systems. In 2019 the group´s revenue was EUR 43,3 million. Enedo has 394 employees and its main functions are located in Finland, Italy, Tunisia and USA. The group´s head office is in Finland and parent company Enedo Oyj is listed on Nasdaq Helsinki Oy.
