INSIDE INFORMATION: Duell enhances cost savings programme to improve profitability - Company starts change negotiations in Finland and Sweden

Duell will initiate change negotiations on 23 May 2023 to enhance cost savings programme and to adjust operating costs to lower than expected demand. The change negotiations and cost savings programme are aimed at responding to structural changes in the company's operating environment and at restructuring the organisation to meet the company's long-term strategic objectives.

As part of the performance improvement programme, Duell will initiate measures for the entire Group workforce of approximately 250 people, applying local negotiation requirements with employee representatives and labour partners. As part of the measures, the company will immediately start change negotiations in Duell Bike-Center Oy in Finland and Duell AB in Sweden. The aim is to achieve additional annual cost savings of approximately EUR 1 million in the Duell Group, mainly from personnel cost reductions. The estimated total number of reductions in the Duell Group is up to a maximum of 20 employees. In addition to personnel reductions, the company also has the possibility to implement temporary layoffs. The savings from the cost savings programme will mainly be achieved in the financial year 2024.

Further information

Jarkko Ämmälä, CEO
Duell Corporation
+358 50 056 5149

jarkko.ammala@duell.eu

Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257

pellervo.hamalainen@duell.eu

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Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering 8,500 dealers. The range of products includes 150,000 items under 500 brands. The assortment covers spare parts and accessories for motorcycling, bicycling, ATVs/UTVs, mopeds and scooters, snowmobiling and boating. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2022 was EUR 124 million and it employs over 200 people. Duell’s shares were listed in November 2021 and are traded on the First North Marketplace. www.duell.eu