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Elektrobit Group Oyj - Elektrobit (EB) temporarily lays off 90 employees at the maximum, targeting cost savings of about EUR 0.8 million in its Wireless Business Segment

May 15, 2014

Elektrobit (EB) temporarily lays off 90 employees at the maximum, targeting cost savings of about EUR 0.8 million in its Wireless Business Segment

Stock exchange release

Free for publication on May 15, 2014 at 8.15 a.m. (CEST+1)

Elektrobit (EB) temporarily lays off 90 employees at the maximum, targeting cost savings of about EUR 0.8 million in its Wireless Business Segment

Elektrobit (EB) has yesterday concluded personnel negotiations in its Wireless Business Segment in Finland, started on April 30, 2014 to adjust its cost level due to the weakened order book for R&D services in the next few months. The company has decided to temporarily lay off 90 persons at the maximum, for 90 days at the maximum, part-time or full-time. With temporary layoffs EB targets to achieve EUR 0.8 million cost savings, which are expected to materialize mainly during the third quarter of the year. Currently, Wireless Business Segment has 486 employees.

The underlying reasons for the layoffs are decreased demand of R&D services for mobile telecommunications network equipment and delays in starting new projects, which have resulted in a decreased order book for R&D services for the next few months. The decreased order book for R&D services for the next few months and the targeted cost savings by the temporary layoffs are taken into account in the company's outlook for 2014, presented in the interim report January-March 2014, published on April 30, 2014. The interim report January-March 2014 is available at the company's internet pages at www.elektrobit.com .

Oulu, May 15, 2014

Elektrobit Corporation
CEO
Jukka Harju

Further information:
Hannu Huttunen
President, Wireless Business Segment
Tel. + 358 40 344 5307

Distribution:
NASDAQ OMX Helsinki
Principal media

Elektrobit Corporation (EB)
EB creates advanced technology and turns it into enriching end-user experiences. EB is specialized in demanding embedded software and hardware solutions for wireless and automotive industries. The net sales in 2013 totaled EUR 199.3 million and operating profit was EUR 8.1 million. Elektrobit Corporation is listed on NASDAQ OMX Helsinki. www.elektrobit.com