TELESTE CORPORATION STOCK EXCHANGE RELEASE 22.1.2010 AT 15:00
THE RESULTS OF TELESTE'S CO-DETERMINATION NEGOTIATIONS
Teleste Corporation's co-determination negotiations in Finland have been
concluded. During the negotiations it has been agreed to terminate employment
contracts with 8 white collar and 16 blue collar employees. In addition,
lay-offs have been directed towards white collar employees with an average
effect of below 15% of their working time and towards blue collar employees with
an average effect of below 20% of their working time. Part of the white collar
employees have also participated in the salary reduction arrangement. Lay-offs
will continue until end of this year, should the market situation so require.
Teleste is an international technology group founded in 1954, which is
specialized in broadband data communication systems and solutions. The group is
divided into two Strategic Business Units: Broadband Cable Networks and Video
Networks. Broadband Cable Networks serves cable operators and a major part of
its business activities are handled through direct customer contact. Video
Networks supplies solutions for optical signal transmission and video network
management software solutions for video surveillance and a major part of its
business is handled through system integrators. Both Business Units are among
the leading providers in their market areas and are globally recognized for
their know-how and ability to produce technically cutting edge solutions year
after year. In 2008 the group's net sales totalled EUR 109 million and the group
employed 677 persons at the year-end. The company has approximately 30 offices
world-wide and over 90% of Teleste's net sales are generated outside Finland.
The company is listed on the NASDAQ OMX Helsinki Ltd.
Visit www.teleste.com for more information.
CEO Jukka Rinnevaara, tel +358 2 2605 866 or +358 400 747 488
NASDAQ OMX Helsinki