Valmet’s co-determination negotiations for temporary lay-offs are completed

Valmet Oyj’s press release on December 2, 2020 at 9:30 a.m. EET

Valmet announced on November 24, 2020 the start of co-determination negotiations for temporary lay-offs in Finland. The negotiations were started due to financial and production related reasons, especially because of the reducing workload in the services business done close to customers. The global Covid-19 pandemic continues to cause uncertainty in Valmet’s operating environment.

The negotiations concerned in total about 940 employees out of 1,680 employed by the Services business line and EMEA area organization in Finland. Valmet estimated at the start of the negotiation process that the need for temporary lay-offs would be around 360 employees at this stage. The negotiations concerned all personnel groups.

The co-determination negotiations have now been completed, and as a result at this stage altogether 372 employees, 227 in the Services business line and 145 employees in the EMEA area organization in Finland will be temporarily laid-off due to low workload. The lay-offs concern all employee groups.

The lay-offs can be implemented until the end of April, 2021 and the scope and length of a lay-off can vary up to 90 days at maximum per person. The lay-off procedure will start next week (week 50) in those units where workload has declined.

Valmet employs in Finland around 5,200 employees.

Corporate Communications

For further information, please contact:
Aki Niemi, Business Line President, Services, Valmet, tel. +358 40 515 1145

Valmet is the leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. We aim to become the global champion in serving our customers.

Valmet's strong technology offering includes pulp mills, tissue, board and paper production lines, as well as power plants for bioenergy production. Our advanced services and automation solutions improve the reliability and performance of our customers' processes and enhance the effective utilization of raw materials and energy.

Valmet's net sales in 2019 were approximately EUR 3.5 billion. Our 14,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day. Valmet's head office is in Espoo, Finland and its shares are listed on the Nasdaq Helsinki.

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