2.2.2023 08:30:01 EET | Duell Oyj | Company Announcement

Duell Corporation announced that it will start change negotiations in Finnish companies in accordance with the Cooperation Act on October 4, 2022, regarding the need to reduce the workforce on production, financial and operational reorganisation grounds.

The estimated need to reduce personnel was a maximum of 25 employees in the Duell Group. The goal was to achieve annual cost savings of around 1 million euros in the group. The cost savings estimate for the current fiscal year was around 600,000 euros.

The change negotiations and related measures have been completed in Duell's Finnish companies on January 31, 2023, as a result of which the reduction of personnel in the Finnish companies is a total of 13 employees.

In addition to the change negotiations in the Finnish companies, Duell has realised personnel reductions in other country organisations summing to 10 employees. The personnel reduction realised in the entire Duell Group is a total of 23 people. The cost saving at the Group level for the 2023 fiscal year is approximately EUR 700,000 and for 2024 EUR 1.3 million.

Further information:

Pellervo Hämäläinen, Communications and IR Manager

Duell Corporation

+358 40 674 5257

pellervo.hamalainen@duell.eu

Certified advisor

Oaklins Merasco Oy

+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 8,500 dealers. The range of products includes 150,000 items under 500 brands. The assortment covers spare parts and accessories for motorcycling, bicycling, ATVs/UTVs, mopeds and scooters, snowmobiling and boating. Logistics centres are located in Finland, Sweden, Netherlands and France. Duell’s net sales in 2022 was EUR 124 million and it employs over 200 people. Duell’s shares were listed in November 2021 and are traded on the First North Marketplace. www.duell.eu

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