CHANGE NEGOTIATIONS REGARDING ROBIT’S PERSONNEL IN FINLAND COMPLETED

ROBIT PLC        PRESS RELEASE        18 OCTOBER 2023 AT 10.00 EEST

CHANGE NEGOTIATIONS REGARDING ROBIT’S PERSONNEL IN FINLAND COMPLETED

The change negotiations concerning Robit Plc’s and Robit Finland Ltd’s personnel in Finland have ended. The company disclosed the initiation of the change negotiations with a press release on 2 October 2023.

As a result of the change negotiations the company decided to terminate four persons considering the company’s current situation and future business needs and goals. In addition to the redundancies, three fixed-term employment relationships will not be continued when they end.

In addition, the company has decided to start part-time temporary layoffs covering the entire personnel. The temporary layoffs will be implemented in two phases. The first phase of temporary layoffs will be implemented during the last quarter of 2023. The second phase of temporary layoffs will be implemented during the first quarter of 2024, if the production and financial situation requires.

The company has an ongoing cost-savings program. Overall, the company is targeting savings of around EUR 5 million from the 2022 level through the cost-savings program. The program was announced in Robit Plc’s Interim Report published on 28 April 2023. The recent change negotiations are a part of Robit Plc’s cost-savings program. The target of the program is to adjust the cost structure of the business in response to the prevailing market conditions on a short-term as well as ensure the company’s profitability and growth prerequisites on a long-term.

ROBIT PLC
Arto Halonen

Further information:
Arto Halonen, Group CEO
+358 40 028 0717
[email protected]

Distribution:
Nasdaq Helsinki Ltd
Key media
www.robitgroup.com

Robit is the specialist focused on high quality drilling consumables for the mining and construction markets globally to help you drill even Further. Faster. Robit strives to be the world’s number one drilling consumables company. Through our proven, high-quality Top Hammer, Down the Hole and Geotechnical products and our expert services, we deliver drilling cost savings to our customers. Robit has its own sales and service points in seven countries and an active network of distributors through which it sells to more than 100 countries. Robit’s manufacturing facilities are located in Finland, South Korea, Australia and the United Kingdom. Robit shares are listed on Nasdaq Helsinki Ltd. More information is available at www.robitgroup.com.