Voimatel has announced it will commence cooperation negotiations to address declining profitability following the failure of efforts over the past four years to improve the company’s performance. The company’s current operating model and cost structure are not compatible with maintaining competitiveness in a challenging market, with productivity also failing to match the increased competition within the sector.
The cooperation co-operation negotiations are aimed at streamlining the business and will encompass all Voimatel staff and operations in Finland. The restructuring is expected to lead to a maximum of 110 redundancies.
“We want to work together with our staff to find a profitable and sustainable way forward for our business. We must be able to reverse the downward trend and place the company firmly back on a positive footing,” Timo Rask, Managing Director at Voimatel, commented.
Timo Rask, Managing Director
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Voimatel is a service provider of professional lifecycle services and solutions for telecommunication and electrical power networks and systems. Voimatel helps its customers succeed by delivering mission critical networks and systems through highly dependable expertise, continuously improving solutions and flexible collaboration. Being one of the largest service providers in the field, Voimatel’s customers include telecommunication service providers in the Baltic region and Central Europe, major power grid operators and energy suppliers in Finland, global telecommunication equipment manufacturers as well as major private sector businesses and local authorities. In 2018, the company’s turnover was EUR 124.9 million. Its more than 900 employees are based in Finland, Estonia and Poland. Voimatel is wholly owned by the Finnish KPY Cooperative.