VÄSTRA FRÖLUNDA, Sweden--(BUSINESS WIRE)--Artimplant (STO:ARTIB) is following through on its strategy of focusing the company on the market even further and has now concluded negotiations under the Swedish Co-Determination Act, resulting in staff cutbacks within functions not related directly to sales. Once the periods of notice have been completed the annual saving at Artimplant AB will be approximately SEK 5 million.
Artimplant has concluded negotiations under the Co-Determination Act and the company’s new proposed organization has been accepted by the staff and trade unions concerned. This will result in staff cutbacks in areas not related directly to sales. The cost of the reorganization is related purely to the periods of notice, which vary from two to six months. Once all the periods of notice have been completed, there will be an annual saving of approximately SEK 5 million.
Artimplant CEO Hans Rosén states: “I’m extremely proud of Artimplant’s employees, who have to a man supported the change in strategy and the reorganization that are being implemented. As the parties involved in negotiations under the Co-Determination Act have accepted Artimplant’s proposed reorganization, there will be no extra restructuring costs, which will have a positive impact on the company’s capital requirements. The reorganization will free up resources for use within an expanded sales organization, which will focus on the key US market.”
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Artimplant
Artimplant’s mission is to restore the health of patients by offering medical professionals degradable implants that help the body to heal. Artimplant is a medical technology company that restores health through the development, production and marketing of degradable implants that regenerate body functions and improve quality of life. Our products are made from Artelon®, a biomaterial developed by the Company. Artimplant produces implants for the treatment of osteoarthritis and the reinforcement of weakened soft tissue. The Company’s products are sold through licensees and own sales under the Artimplant brand take place through agents and distributors. Artimplant is a public company listed on the NASDAQ OMX Stockholm Exchange in the Small Cap segment and in the Healthcare sector.
Forward-looking statements
This press release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company’s business including increased competition; the ability of the Company to expand its operations and to attract and retain qualified professionals; technological obsolescence; general economic conditions; and other risks detailed from time to time in the Company’s filings.
This is information which Artimplant shall make public pursuant to the Swedish Financial Instruments Act and the Swedish Securities Exchange and Clearing Operations Act and/or stock market agreements. Information was made available for publication on August 23 2010 at 8:30am (CET).
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