To meet the current market conditions, Cybercom, a supplier in security, portal services, mobile services and embedded systems, has announced that it is taking several measures to adapt its Finnish and Swedish operations, including reducing its staff.
The planned changes may affect up to 50 employees in Sweden, in Stockholm and Ostersund, and 110 employees in Finland, in Tampere, Rauma and Helsinki.
In Sweden, Cybercom has begun local union negotiations. In Finland, Cybercom will start consultations with employee representatives. Negotiations are estimated to be completed in early April 2009. The cutbacks affect administrative staff and consultants. In addition, there are ongoing measures to streamline the group’s cost structure. Cybercom said that it is also strengthening its focus on increasing its outsourcing and turnkey sales efforts.
The measures are estimated to entail a non-recurring expense of SEK30 million that will affect EBIT for the January-March 2009 period, but will give a positive effect for the full year. The measures are expected to give a cost reduction of SEK80 million annually with full effect from 2010, when the company expects the program to have a considerable positive effect on earnings. The cost-efficiency programme will not affect customer projects. After these measures, Cybercom will have about 1,400 employees in the Nordics.
Patrik Boman, president and CEO of the Cybercom Group, said: It’s difficult to have to part from some of our skilled employees. But in the current market, it’s important to act fast and adapt operations to current conditions. These measures reinforce our competitiveness and prepare us for the long term. Cybercom has a strong Nordic position, which will continue going forward.
