Co-determination negotiations started at Exel Sports Oy and Exel Sports Sweden AB. Temporary lay-offs at Mäntyharju factory
EXEL OYJ STOCK EXCHANGE RELEASE 30.10.2008 at 11.00
CO-DETERMINATION NEGOTIATIONS STARTED AT EXEL SPORTS OY AND EXEL SPORTS SWEDEN
AB. TEMPORARY LAY-OFFS AT MÄNTYHARJU FACTORY.
Exel continues measures to improve its profitability and efficiency.
Co-determination negotiations will be started at Exel Oyj's Finnish subsidiary
Exel Sports Oy and at its Swedish subsidiary Exel Sports Sweden AB (formerly
International Gateway AB) to improve their efficiency and to conclude the
The co-determination negotiations concern Exel Sports Oy's personnel as a whole
both in Finland and in Sweden. At present Exel Sports Oy employs 12 persons and
Exel Sports Sweden AB 5 persons. The target of the negotiations is to find an
optimal solution to strengthen the Floorball operations' competitiveness and
market position. The aim is to conclude the negotiations during week 47.
”We will improve and adjust our operations to better correspond with the
present market and competition situation. We expect to achieve necessary
savings for example by eliminating overlapping operations and restructuring the
organization”, Mr. Vesa Korpimies, Exel Oyj's President and CEO, says.
In addition, the operations of the Mäntyharju factory, which is a part of Exel
Composites, will be adjusted to correspond e.g. to the demand in the laminates
operations. According to a stock exchange release published on 22 February,
2008 Exel gave non-salaried employees a notice of a temporary layoff. The
notice affects 12 non-salaried employees. The notice took effect on 1 March,
2008 and ends on 28 February, 2009 at the latest. According to the notice a
maximum of 12 non-salaried employees of the Mäntyharju factory will be laid off
temporarily until 28 February, 2009. The layoffs start on 13 November, 2008.
Altogether the Mäntyharju factory's staff consists of 59 persons.
Vantaa, 30 October, 2008
President and CEO
Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email
NASDAQ OMX Helsinki Ltd
Main news media
Exel is a technology company which designs, manufactures and markets composite
profiles and tubes for industrial applications and sports equipment.
The personnel´s expertise and high level of technology play a major role in
Exel´s operations. The core of the operations is based on proprietary,
internally developed composite technology, product range based on it and the
domination of selected market segments with a strong quality and brand image.
The Company´s growth is based on permanent search of new applications and
development in co-operation with customers. Exel concentrates on niche segments
and on profitable growth. Exel's share is listed in the Small Cap segment of
the NASDAQ OMX Helsinki Ltd.
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.