Turku, Finland, 2012-10-09 10:30 CEST (GLOBE NEWSWIRE) --
TELESTE CORPORATION STOCK EXCHANGE RELEASE 9.10.2012 AT 11:30
TELESTE COMMENCES CO-DETERMINATION NEGOTIATIONS
Teleste is about to commence co-determination negotiations for finding the steps needed to adapt the corporate operations to the tough-to-predict market situation without compromising the company's strong potential for growth.
In spite of the good growth prospects in the industry, many of our customers have shifted their investment decisions in Europe's volatile market situation.
The negotiations involve mainly layoffs and their duration may, for some individuals, span more than 90 days. Moreover, adjustments are being prepared in the Video and Broadband Solutions business area regarding certain foreign units. The scope of the negotiations and the adjustment measures is about 400 people both in Finland and abroad.
We reconfirm the prospects for Teleste Group published in connection with the Interim Report of the second quarter.
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