Inside information: Aspocomp starts change negotiations in Finland

    Inside information: Aspocomp starts change negotiations in Finland 

Aspocomp Group Plc, Inside Information, January 4, 2024, at 9:20 a.m.

Aspocomp Group Plc starts change negotiations on possible temporary layoffs and redundancies in Finland. Today, on January 4, 2024, Aspocomp has issued a negotiation proposal in accordance with the Act on Cooperation to start change negotiations for production-related and financial reasons. The company’s entire personnel in Finland, approximately 150 people, are covered by the negotiations. According to a preliminary estimate, change negotiations could result to temporary layoffs and, in addition, to the termination of a maximum 5 positions. Change negotiations will be initiated to improve the company's profitability and competitiveness and to secure future operational capacity in a weakened market situation. The company adapts its cost structure and number of personnel to reflect the current market and demand situation. Slower-than-expected recovery of the semiconductor cycle and high inventory levels in various parts of the value chain have slowed down the development of the company’s net sales. According to the company’s previous estimate, the semiconductor cycle is expected to swing to growth in the first half of 2024, and the industry’s long-term growth prospects are still strong. Inflation and interest rates, the risk of recession and the uncertainties posed by Russia’s war of aggression continue still to affect the operating environment of Aspocomp and its customers. The negotiations will start on January 11, 2024, and last six weeks following the Act of Cooperation. For further information, please contact Mikko Montonen, President and CEO, tel. [phone], mikko.montonen(at)aspocomp.com. ASPOCOMP GROUP PLC Mikko Montonen President and CEO Aspocomp – heart of your technology A printed circuit board (PCB) is used for electrical interconnection and as a component assembly platform in electronic devices. Aspocomp provides PCB technology design, testing and logistics services over the entire lifecycle of a product. The company’s own production and extensive international partner network guarantee cost-effectiveness and reliable deliveries. Aspocomp’s customers are companies that design and manufacture telecommunication systems and equipment, automotive and industrial electronics, and systems for testing semiconductor components for security technology. The company has customers around the world and most of its net sales are generated by exports. Aspocomp is headquartered in Espoo and its plant is in Oulu, one of Finland’s major technology hubs. www.aspocomp.com