Teleste is to lay off 430 staff in Finland for an average of two weeks as part of a series of cost cutting measures at the cable technology group.
“In combination with cost cuts, the agreed measures are designed to adapt Teleste operations to the difficult-to-predict market situation without compromising the favourable growth potential,” the company said in a statement.
The company is continuing to hold talks and says it cannot rule out the possibility of additional lay-offs. So-called “co-determination negotiations” may lead to a maximum of nine redundancies.