Turku, Finland, 2012-11-07 11:00 CET (GLOBE NEWSWIRE) --
TELESTE CORPORATION STOCK EXCHANGE RELEASE 7.11.2012 AT 12:00
OUTCOME OF TELESTE CO-DETERMINATION NEGOTIATIONS
The Teleste negotiations have been concluded. As an outcome of these co-determination negotiations, at the first stage, the Company's Finnish personnel will be laid off for three weeks by the end of March 2013. This lay-off involves approximately 375 people. The co-determination negotiations also led to three notices of termination. The need for additional lay-offs will be reviewed as required by the market situation.
In combination with cost cuts, the agreed measures are designed to adapt Teleste's operations to the difficult-to-predict market situation without compromising the favorable growth potential.
Teleste is an international technology group founded in 1954, which is specialized in broadband video and data communication systems and services. The Group is active in two business segments, Video and Broadband Solutions and Network Services; in both fields, we are among the global leaders. Video is at the core of our business activities, with a focus on the processing, transmission and management of video and data for operators and public authorities who provide various video-related information, entertainment and security services to end-users. Video and Broadband Solutions specializes in product solutions for broadband access networks, video service platforms and video surveillance applications. Network Services deliver comprehensive network service solutions including new construction, rebuilding, upgrading, planning and maintenance services of cable networks. In 2011 the Group's net sales totaled EUR 184 million and the Group employed 1,319 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.
For more information visit www.teleste.com.
CEO Jukka Rinnevaara, phone +358 2 2605 866 or +358 400 747 488
NASDAQ OMX Helsinki