End of Change Negotiations at HLRE Holding Group Companies

The change negotiations concerning potential lay-offs of up to 90 days have concluded within the HLRE Holding Group companies (HLRE Group Ltd., Vesivek Ltd., Vesivek Salaojat Ltd. and Vesivek Tuotteet Ltd.). The negotiations involved all personnel of the aforementioned group companies, excluding the payroll function under HLRE Group Ltd.

The background for the plans was the need to prepare for a decrease in volume due to seasonal fluctuations and to ensure financial profitability during the expected volume decline in Q4/Q1. During the change negotiations, the rationale, impacts, and potential alternatives to the planned measures were discussed in a spirit of cooperation.

As a result of the negotiations, the companies may consider implementing lay-offs if work or the employer's ability to provide work temporarily diminishes due to reduced volumes caused by seasonal fluctuations and weakened financial profitability. Layoffs of up to 90 days may therefore apply to the entire personnel of the aforementioned group companies. However, the allocation, number, and timing of the layoffs will be specified based on separate plans as a result of a temporary reduction in the need for work, applying to the period from January 1, 2025, to April 30, 2025.

Group CEO

Kimmo Riihimäki

kimmo.riihimaki@vesivek.fi

+358 400 730 671