Panostaja's investment company Grano ends change negotiations

Panostaja Oyj Stock Exchange Bulletin, Insider Information        October 10, 2023    3.45 p.m.

Panostaja's investment company Grano ends change negotiations

Panostaja Plc's investment target Grano has completed the change negotiations that started on August 23, 2023. The measures agreed upon in the negotiations are taken to improve the company's profitability and competitiveness and to secure future operational capability in a weakened market situation. As a result of the negotiations, a total of 43 job positions will end with the reorganization of operations. The company is laying off 27 and there are 16 job description changes subject to the threat of dismissal. In addition, the company plans to implement temporary layoffs of personnel, the duration of which varies from two weeks to a maximum of three months. The intention is to implement the dismissals as soon as possible, as well as the layoffs as soon as possible and by May 1, 2024 at the latest.

The company initially estimated that the change negotiations could lead to the termination of the employment of a maximum of 46 people, changes to the terms of employment or part-time work, as well as temporary and/or indefinite layoffs of the entire staff by October 2024. About 850 people were involved in the change negotiations.

By restructuring and streamlining operations, permanent annual cost savings of approximately 1.2 million euros will be achieved, of which approximately 0.75 million euros are estimated to be realized in the 2024 financial year.
Panostaja Oyj

Tapio Tommila
CEO

Additional information:

CEO Tapio Tommila, Panostaja Oyj, Panostaja Oyj, +358 40 527 6311
CEO Kimmo Kolari, Grano Oy, +358 40 769 5807

Panostaja is an investment company developing Finnish companies in the growing service and software sectors as an active shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja increases the Group's shareholder value and creates Finnish success stories. Panostaja has a majority holding in four investment targets. Panostaja’s shares (PNA1V) are quoted on the Nasdaq Helsinki Stock Exchange. In the 2022 financial year, the Group’s net sales totaled MEUR 137,9.

https://panostaja.fi/en/