Teleste commences co-determination negotiations in preparation for corona virus impact

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TELESTE CORPORATION INVESTOR NEWS 30.3.2020 AT 14:00 EEST

TELESTE COMMENCES CO-DETERMINATION NEGOTIATIONS IN PREPARATION FOR CORONA VIRUS IMPACT

Due to the temporary impact of the COVID-19 pandemia to Teleste’s delivery chain and demand, Teleste initiates co-determination negotiations, in accordance with the Act on Co-operation within Undertakings. The negotiations on possible temporary layoffs concern the entire personnel, approximately 500 employees, in Teleste Oyj and Teleste Information Solutions Oy in Finland and will last for a maximum of 90 days. Corresponding adapting measures will also be implemented in Teleste’s foreign units if necessary. The measures are planned to be implemented in different business units in different phases based on their situation. The agreed actions are designed to adapt Teleste’s operations to the difficult-to-predict market situation without compromising the favorable growth potential.

Teleste offers an integrated product and service portfolio that makes it possible to build and run a better networked society. Our solutions bring television and broadband services to you, secure your safety in public places and guide your use of public transport. With solid industry experience and drive for innovations, we are a leading international company in broadband, security and information technologies and related services. We connect with our customers through a global network of offices and partners. In 2019, Teleste’s net sales reached EUR 235 million and it had 1,330 employees. Teleste is listed on Nasdaq Helsinki.

TELESTE CORPORATION

Jukka Rinnevaara
CEO

ADDITIONAL INFORMATION:
Jukka Rinnevaara, tel. +358 2 2605 611

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