Nexplo Bofors serves notice on 70 staff

Nexplo Bofors serves notice on 70 staff Nexplo Bofors has served notice on 70 staff, due to shortage of work. Union representatives have been informed and redundancy negotiations have been initiated. These redundancies will affect 25 salaried and 45 wage-earning employees in Karlskoga. The Company is part of Nexplo Industries, active in propellants and explosives for military and commercial applications. Celsius has a 60-percent majority interest in the Company. Finland's Patria controls the remaining 40 percent. Reduced orders and a change in product mix requires reorganization of the Company and adjustment to current market conditions, to sustain and increase profitability. For further information, please contact Per Lagerkvist, President of Nexplo, on tel. +46 (0)586-831 52 or Kjell Göthe, Vice President/Corporate Communications, Celsius, on tel. (0)8-463 00 19 or 070-583 95 44 (mobile). Celsius is an international advanced-technology and knowledge based corporation, which in close interaction with its customers develops, manufactures and maintains advanced systems, products and services within core areas Defence and Aviation Services. Based on a platform of comprehensive competence, new businesses with strong growth potential are developed for the military and commercial markets. Celsius, with sales of about SEK 14 billion, has some 11 000 employees. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/09/03/19990903BIT00300/bit0001.doc http://www.bit.se/bitonline/1999/09/03/19990903BIT00300/bit0002.pdf