11/02/2018 | Press release | Distributed by Public on 11/02/2018 00:06
Lehto Group Plc
Stock Exchange Release
2 November 2018 at 8.00 a.m.
Lehto has two units in Building Renovation service area; a pipeline renovation unit focusing on plumbing rebuilding of blocks of flats, and complete renovation unit which focuses on comprehensive renovation and complementary construction projects (in which additional floors are built on top of existing buildings). The pipeline renovation unit represents approximately one third of the net sales of the entire service area's net sales and its projects are progressing as planned. In the complete renovation unit, the projects are significantly larger and more complex, and there have been major problems with the profitability of the projects.
Lehto plans to discontinue its Building Renovation service area and to merge the building renovation operations into other service areas; the pipeline renovation unit is intended be transferred to Housing service area and other complete renovation to Business Premises service area. The ongoing complete renovation projects shall be finalised with the current project organisation under the Business Premises service area. As the projects are completed the project organisation will be assigned to new projects in Business Premises service area.
The planned changes do not cause need for reduction of personnel.
Veli-Pekka Paloranta, Chief Financial Officer, Lehto Group Plc
+358 400 944 074