JM announces potential lay-offs
In order to dimension the operations to the lower production volumes resulting from the deteriorating economy, JM has announced today a potential reduction in Group staffing by approximately 200 employees.
The significant decrease in housing sales that we are seeing in the wake of the deteriorating economy is resulting in a lower rate of residential units sold. Because JM always bases its work on the strategy that there must be clear demand for planned housing projects, it is necessary to adapt JM’s operations to the market conditions that are expected to prevail for the foreseeable future.
We are therefore taking measures now to dimension costs and staffing to lower production volumes and simultaneously creating conditions for a well-dimensioned organization for when the economy improves. The Group’s staffing is being adapted through a decrease of approximately 200 employees.
– We are in a situation where we need to take measures to adapt our costs to a lower production volume given the current market conditions. It is very sobering that part of this means we need to make the decision to reduce staffing and that employees will be affected as a result of the weakened economy, says Johan Skoglund, President and CEO.
For additional information, please contact:
Johan Skoglund, President and CEO, +46 (0)8 782 87 00
Malin Lundgren, Director of Human Resources, +46 (0)8 782 82 06
This information is information that JM AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 17:30 CEST on 2023-04-26.
JM is one of the leading developers of housing and residential areas in the Nordic region. Operations focus on new production of homes in attractive locations, with emphasis on expanding metropolitan areas and university towns in Sweden, Norway and Finland. We are also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. JM should promote long-term sustainability work in all of its operations. Annual sales total approximately SEK 16 billion and the company has about 2,500 employees. JM is a public limited company listed on NASDAQ Stockholm, in the Large Cap segment. More information is available at www.jm.se/en.