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Leading Estonia maker of office furniture to lay off tenth of employees

Saturday 13 December 2008

Estonian company Standard that manufactures office and hotel furniture announced it is laying off about 10 percent of its workforce.
Eesti Päevaleht writes that Standard which employs a total of 226 people plans to make redundant 23 workers.

“This is a natural development in this situation. This ten percent is relatively little,” explained Enn Veskimägi, chairman of Standard.

Veskimägi added that the company had made a reasonable decision not to cut wages, but to lay off people. “I don’t think any other companies have better solutions.

Veskimägi said that the company was preparing for tough times. “Markets are falling and we need to be ready. Those business that are late reacting to changes on the market face extinction,” he said.

Non-audited consolidated turnover of Standard EEK 273 million in 2007. Its pre-tax profit for the year was EEK 17 mln which is 52 pct more than in 2006. Among others, Standard supplied furniture for all 800 hotel rooms in Tallinn in 2007. Export sales amounted to 74 mln kroons and were up 23 pct, mainly to Latvia and Finland, but also to Germany, Sweden, Holland, Russia and Lithuania.

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