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Co-determination negotiations concluded in the Finnish units of the Exel Composites Group

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EXEL COMPOSITES PLC                           STOCK EXCHANGE RELEASE 12.7.2012 at 13.00            

CO-DETERMINATION NEGOTIATIONS CONCLUDED IN THE FINNISH UNITS OF THE EXEL COMPOSITES GROUP

Co-determination negotiations concerning the Finnish units of the Exel Composites Group have been concluded. 

The negotiations were based on the employer’s negotiation proposal. The negotiations concerned the salaried employees working in the Finnish units. It was estimated that a maximum of 9 employment contracts be terminated.

As a result of negotiations, the amount of employment contracts to be terminated is five (5) at the most. Possibilities for part-time employment contracts will be investigated for some of the persons concerned. In addition, job descriptions, tasks and essential terms of the employment contracts of salaried employees will be altered to correspond to the new situation when necessary.

Furthermore, the salaried employees will be laid off temporarily for a maximum of 90 days.  

Personnel reductions will take place by the end of 2012.

The development of the market situation is monitored at all times in the Group, and if necessary, measures will be taken rapidly.

 

Vantaa, 12 July 2012

 

EXEL COMPOSITES PLC

Vesa Korpimies
President and CEO

 

Further information:
Mr. Vesa Korpimies, President and CEO, Exel Composites Plc, tel. +358 50 590 6754, or email vesa.korpimies@exelcomposites.com
Mr. Ilkka Silvanto, CFO, Exel Composites Plc, tel. +358 50 598 9553, or email ilkka.silvanto@exelcomposites.com

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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.

The Exel Composites Plc share is listed in the Small Cap segment of NASDAQ OMX Helsinki Ltd.

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