SRV’s change negotiations have been completed

SRV GROUP PLC                        STOCK EXCHANGE RELEASE                          13 FEBRUARY 2024 AT 15:00 EET 

SRV’s change negotiations have been completed 

SRV has today, Tuesday, completed change negotiations in accordance with the co-operation act. At the start of the negotiations, the company estimated that the need for permanent personnel reductions would be 35 person-years at most. The negotiations resulted in personnel reductions of a total of 19 person-years. In addition, 6 people will be laid off until further notice. As part of the negotiated solution, the company also has the possibility to lay off permanent personnel that the negotiations concerned, for a fixed period of up to 90 days per person by the end of February 2025, if necessary. 

The personnel reductions and layoffs as a result of the negotiations are part of the measures, the goal of which is to adjust the company’s costs to meet the challenging ongoing market situation. With the adjustment measures, the company aims for a total of 4 million euros in cost savings for 2024. 

The negotiations concerned approximately 305 people. 
 

For further information, please contact:  
Saku Sipola, President & CEO, tel. +358 (0)40 551 5953, saku.sipola@srv.fi    
Miia Eloranta, Senior Vice President, Communications and Marketing, tel. +358 (0)50 441 4221, miia.eloranta@srv.fi    

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SRV in brief

SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes into consideration the wellbeing of both the environment and people. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter – and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to about 800 SRV employees, we have a network of around 3,300 partners.

SRV – Building for life