Panostaja Investment Target Grano’s Employer-Employee Negotiations End

Panostaja Oyj Stock Exchange Bulletin, inside information November 2, 2020 at 10.00 a.m.

Panostaja Investment Target Grano’s Employer-Employee Negotiations End

Grano Group, part of the Panostaja Group, has completed the co-operation negotiations initiated on 7 September 2020. The measures agreed in the negotiations include improving the Group's competitiveness and reforming, adapting and streamlining operations through restructuring. As a result of the negotiations, the restructuring of operations will mean the total termination of an estimated 96 jobs. With re-casting, an estimated 20 people will continue to work in a new role. In addition, the employer will consider layoffs of up to 90 days during the financial year 2021.

The company initially estimated that the planned restructuring may result in the full-time or part-time lay-off or dismissal of up to 120 people and a lay-off of up to 90 days for all personnel in the negotiations. At the end of September, Grano Group employed 930 people.

The aim is to achieve annual cost savings of approximately EUR 3.4 million through restructuring and streamlining operations, of which approximately EUR 1 million is expected to be realised in the financial year 2021. The targeted savings will take full effect on an entire financial period’s profitability level for the first time in the 2022 financial period.

Panostaja Oyj

Tapio Tommila
CEO

Further information:

CEO Pekka Mettälä Grano Oy +358 40 504 2019

CEO Tapio Tommila Panostaja Oyj +358 40 527 6311

Panostaja is an investment company developing Finnish SMEs in the role of 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 strives to increase shareholder value and create Finnish success stories. Panostaja has a majority holding in seven investment targets. Panostaja’s shares (PNA1V) are quoted on the Nasdaq Helsinki Stock Exchange. In the 2019 financial year, the Group’s net sales totaled MEUR 190.
www.panostaja.fi