STOCK EXCHANGE RELEASE, INSIDER INFORMATION AUGUST 19, 2021 AT 1.00 P.M.
Wulff, an expert in work environment products and services, is implementing an organizational reform in their Contract Customer Segment in Finland.
The services and products of Staples Finland Oy (now Wulff Solutions Oy), which was acquired for the Group in May, complement Wulff’s range nicely. Customers, personnel and partners find it valuable that the company’s operations will be developed in the future as part of the operations of the domestic market leader. “The acquisition of Staples will support the implementation of our profitable growth strategy and strengthen our competitiveness. We have already received praise from customers for our wider services. Work has been done together in the Contract Customer Segment since the beginning of the summer,” says Elina Pienimäki, CEO, who is satisfied with the acquisition.
The integration of the business operations proceeds by combining the functions of Wulff Solutions Oy and Wulff Oy Ab in sales, administration and support functions. The aim of the reform is to provide the best customer experience in the industry with a cost-effective operating model. Alongside the implementation of organizational changes, strategy and operations are being developed to be more commercial, customer-oriented and responsible.
Wulff estimates that the merger will gradually result in a total of approximately EUR 3 million in cost synergy benefits. The benefits are expected to be partially realized as early as the end of 2021. The reorganization will focus on the replication of commercially successful practices that are expected to yield positive results on a rapid schedule. A significant part of the cost synergies will be realized in 2022-2023, when, for example, the software and IT systems and operating processes used by Contract Customer Segment have been combined.
As part of the organizational reform, Wulff will launch a co-operation procedure aimed at streamlining the Group’s Contract Customer Segment in Finland and restructuring its organizational structure. Overlapping and similar operations will be combined and condensed, which may lead to a reduction of up to 34 people in the Group’s Finnish subsidiaries. The co-operation procedure covers a total of 98 people.
Wulff will update its strategy and financial targets during 2021 and announce possible changes by the end of 2021.
CEO Elina Pienimäki
tel. +358 40 647 1444
NASDAQ OMX Helsinki Oy
A better world – one workplace at a time. Wulff’s goal is a perfect workday! We enable better work environments and make a workplace wherever it is today. More responsible, more comfortable, healthier, safer, more pleasant, more efficient, more functional, more versatile? How do you want to improve your working day and environment? At Wulff, you will find a solution. Here you will find e.g. hygiene, protection and safety products, air purification, workplace products, coffee supplies, property and cleaning products, office and IT supplies, ergonomics, first aid and innovative products for construction sites. Customers can also obtain international trade fair services and solutions for remote encounters from us. As a clear domestic market leader, we are constantly developing our offering and, according to Taloustutkimus reseach, we offer the best customer service in the industry. In addition to Finland, the Wulff Group operates in Sweden, Norway and Denmark. Read more at wulff.fi.