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.

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



Vesa Korpimies
President and CEO


Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email

Ilkka Silvanto, CFO and Administrative Director, tel. +358 50 598 9553, or email

NASDAQ OMX Helsinki Ltd.
Main news media


Exel Composites ( 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.

About Us

Exel Composites is the world’s leading composite technology company that engineers and manufactures composite products and solutions to an extensive range of demanding industrial applications. The core of the business is based on the employees’ high level of expertise and own, internally developed composite technologies, which have been perfected over decades with a steady focus on innovation. With nine manufacturing plants across Europe, Asia, and North America, and a global sales network, Exel Composites is firmly driven by superior customer experience and world-class operations. Headquartered in Finland, Exel Composites employs approximately 650 people globally. The company’s shares are listed on the Nasdaq Helsinki exchange.