VMP PLC COMPANY RELEASE MAY 2nd 2019 AT 10:00 EET
VMP improves efficiency and initiates cost savings program to continue profitable growth
VMP initiates a cost savings program to reduce overlapping operations and improve the efficiency of operations after completing acquisitions. VMP has completed five acquisitions in total during 2018 and 2019 and has analysed the potential cost synergies. The company has decided to initiate a cost savings program, including initiating employee cooperation negotiations concerning the company’s personnel. The company is targeting annual cost savings of 2.5 – 3.0 million euros through the program. Part of the savings are expected to materialise during 2019.
As part of the cost savings program, VMP plans to initiate employee cooperation negotiations covering the company’s operations and personnel in Finland, excluding Corporate Spirit Ltd. The company estimates that the cooperation negotiations will result in reduction of maximum of 30 salaried employees in group companies. VMP currently employs approximately 300 salaried employees.
CEO Juha Pesola:” We have played, according to our growth strategy, an active role in the industry consolidation progress, and expanded our service portfolio significantly. We are confident that we can improve our internal efficiency through the program and achieve a cost structure that enables us to continue profitable growth.”
Additional information:
Juha Pesola, VMP Plc, CEO
juha.pesola@vmp.fi
tel. +358 (0)40 307 5105
Certified Adviser:
Danske Bank A/S, Finland Branch, tel. +358 (0)10 546 7934
VMP is a Finnish HR services company with a comprehensive offering of staffing, recruiting and organisational development and self-employment services. VMP’s vision is to help employers and employees succeed in the changing world of work. VMP serves its customers in Finland and Sweden and has a recruitment hub in Romania. VMP Group consists of VMP Varamiespalvelu, Voima, Enjoy, Extraajat, Personnel, Corporate Spirit and Eezy Brands.