Aspocomp Starts Change Negotiations in Finland

Estimated reading time: 1 minute

Aspocomp Group Plc starts change negotiations on possible temporary layoffs and redundancies in Finland. Today, on January 4, 2024, Aspocomp has issued a negotiation proposal in accordance with the Act on Cooperation to start change negotiations for production-related and financial reasons. The company’s entire personnel in Finland, approximately 150 people, are covered by the negotiations. According to a preliminary estimate, change negotiations could result to temporary layoffs and, in addition, to the termination of a maximum 5 positions.

Change negotiations will be initiated to improve the company's profitability and competitiveness and to secure future operational capacity in a weakened market situation. The company adapts its cost structure and number of personnel to reflect the current market and demand situation.

Slower-than-expected recovery of the semiconductor cycle and high inventory levels in various parts of the value chain have slowed down the development of the company’s net sales. According to the company’s previous estimate, the semiconductor cycle is expected to swing to growth in the first half of 2024, and the industry’s long-term growth prospects are still strong. Inflation and interest rates, the risk of recession and the uncertainties posed by Russia’s war of aggression continue still to affect the operating environment of Aspocomp and its customers.

The negotiations will start on January 11, 2024, and last six weeks following the Act of Cooperation.