16.1.2025 08:25:01 EET | Duell Oyj | Company Announcement

Duell Corporation announced on 9 October 2024 that it will start an efficiency programme covering the entire Group and its entire personnel of approximately 220 employees. The company aims to improve operational efficiency by adapting operations and workload with current market conditions. The aim of the efficiency measures is to achieve annual cost savings of approximately EUR 1 million, mainly in the financial year 2025.

As part of the efficiency measures Duell started personnel change negotiations on 15 October 2024 with the Group's Finnish, Oy Duell Bike-Center Ab, and Swedish, Duell AB, employees, applying local negotiation requirements with employee representatives and labour partners. As part of the measures, the company has completed the change negotiations and related measures in the Finnish and Swedish companies. In the other Group's country companies, the personnel changes have been implemented, among other things, by rearranging jobs instead of recruiting replacements. At the beginning of the efficiency programme, the company defined that decisions on the efficiency programme measures would be taken by 16 January 2025.

Duell will achieve the targeted annual cost savings of approximately EUR 1 million across the Group through the efficiency programme, of which approximately half will be achieved through personnel cost reductions and half through other efficiency measures. The total number of personnel reductions in the Duell Group is 13 positions (the original estimate of the need for a reduction was up to 20 positions). The savings from the efficiency programme will be spread over the last three quarters of the financial year starting 1 September 2024.

Further information

Magnus Miemois, CEO
Duell Corporation
+358 50 558 1405
magnus.miemois@duell.eu

Pellervo Hämäläinen, Communications and IR Manager
Duell Corporation
+358 40 674 5257
pellervo.hamalainen@duell.eu

Certified Advisor

Oaklins Finland Ltd, +358 9 612 9670

Duell Corporation (Duell) is an import and wholesale company based in Mustasaari, Finland, established in 1983. Duell imports, manufactures, and sells products through an extensive distribution network in Europe covering approximately 8,500 dealers. The range of products includes over 130,000 items under more than 500 brands. The assortment covers spare parts and accessories for Motorcycling, Bicycling, ATVs/UTVs, Snowmobiling, Marine and Garden/Forest categories. Logistics centres are in Finland, Sweden, Netherlands, France, and the UK. Duell’s net sales in 2024 was EUR 125 million and it employs over 200 people. Duell’s shares are listed on the Nasdaq First North Growth Market Finland marketplace. www.duell.eu.