TECNOTREE COMPLETES PERSONNEL CONSULTATION IN IRELAND
Tecnomen Lifetree Corporation STOCK EXCHANGE RELEASE
27th November 2009 at 08.30
TECNOTREE COMPLETES PERSONNEL CONSULTATION IN IRELAND
Tecnotree has successfully completed the statutory consultation period with all
personnel in Tecnotree Ireland relating to potential collective redundancies, as
required under The Protection of Employment Acts 1977 to 2007 and Redundancy
Payments Acts 1967 to 2007.
The resulting personnel reduction in Ireland is 71 employees. An ex-gratia
package over and above the statutory minimum has been agreed with staff. It is
expected that this and other cost saving operations will cause over EUR 6
million annual savings and will have a full impact from the beginning of 2010.
The action taken will cause costs which are estimated to be EUR 2.1 million
during the fourth quarter, mainly for redundancy payments and related items.
TECNOMEN LIFETREE CORPORATION
FURTHER INFORMATION
Eero Mertano, Interim President and CEO, tel. +358 50 5354 970
Liam Keane, Deputy Managing Director, Tecnomen Ltd, tel. +353 61702200
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Main Media
www.tecnotree.com
About Tecnotree
Tecnotree, (Tecnomen Lifetree) founded in 1978, is one of the leading suppliers
of Business and Operations Support Systems (BSS/OSS) and Value Added Services
(VAS) for telecom operators worldwide. Tecnotree markets and sells its products
and services through its own organisation, as well as through global and local
partners, and has supplied its products to more than 120 customers around the
world. Headquartered in Espoo, Finland, Tecnotree has about 800 employees
working
in 20 locations worldwide. The company is listed on the main list of NASDAQ OMX
Helsinki Ltd with the trading code TEM1V. For more information on Tecnotree
visit www.tecnotree.com