Co-determination negotiations concerning the Finnish units of Exel Composites Plc have been concluded
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 16.8.2013 at 9.30 a.m.
CO-DETERMINATION NEGOTIATIONS CONCERNING THE FINNISH UNITS OF EXEL COMPOSITES PLC HAVE BEEN CONCLUDED
Co-determination negotiations concerning the Finnish units of Exel Composites Plc have been concluded.
The negotiations concerned all the salaried and non-salaried employees working in the Finnish units. The need for cost reductions for different employment groups was estimated to be equal to a maximum of 60 full-time work years.
As a result of negotiations, the number of employment contracts to be terminated is 15 at most. The contracts to be terminated concern the Joensuu unit. Diverse working hours in accordance with the Collective Agreement will be taken into use for non-salaried employees working in all the Finnish units in order to increase flexibility. In case flexible arrangements of working hours are not sufficient with regard to local work load situations, temporary lay-offs will be implemented.
Job descriptions, tasks and essential terms of the employment contracts of salaried employees will be altered to correspond to the new situation. In addition, part of the salaried employees will be laid-off temporarily when necessary.
Measures that concern all the employment groups include cutting costs and increasing flexibility. Converting holiday bonus to paid leave will be increased and preparations will be made for monthly salary payment for all the employment groups to rationalize administrative work. Moreover, a new, more rewarding productivity bonus system will be introduced for non-salaried employees. Simultaneously, a decision has been made during the negotiations to make the Finnish units of the Group smoke-free.
The measures will impact the financial results during 2014.
Mr. Vesa Korpimies, President, says:”Flexibility is important to allow us to deliver all the orders in time and to safeguard jobs. Exel Composites continues to invest heavily in sales and product development to secure profitable growth in the future.”
The development of the market situation is monitored at all times in the Group, and if necessary, measures will be taken promptly.
Vantaa, 16 August 2013
EXEL COMPOSITES PLC
President and CEO
Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email email@example.com
Ilkka Silvanto, CFO and Administrative Director, tel. +358 50 598 9553, or email firstname.lastname@example.org
NASDAQ OMX Helsinki Ltd.
Main news media
EXEL COMPOSITES IN BRIEF
Exel Composites (www.exelcomposites.com) is a technology company which designs, manufactures and markets composite profiles and tubes for industrial applications. The Group is the leading composite profile manufacturer in the world and concentrates on growing niche segments.
The core of the operations is based on own, internally developed composite technology, product range based on it and a strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The personnel’s expertise and high level of technology play a major role in Exel Composites’ operations.
Exel Composites Plc share is listed in the Small Cap segment of NASDAQ OMX Helsinki Ltd.