Co-determination negotiations to be started at Exel Composites Group's Joensuu unit
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 26.10.2012 at 8.50 a.m. 1 (1)
CO-DETERMINATION NEGOTIATIONS TO BE STARTED AT EXEL COMPOSITES GROUP’S JOENSUU UNIT
Co-determination negotiations will be started on 1 November 2012 at the Joensuu unit of the Exel Composites Group. The negotiations concern the non-salaried employees of the Joensuu unit.
At present Exel Composites Group’s Joensuu unit employs 127 persons of whom 89 are non-salaried employees. It is estimated that a maximum of 9 employment contracts of non-salaried employees will be terminated. In addition, temporary lay-offs of a maximum of 90 days may be considered. Other measures may also be used to achieve permanent savings in personnel costs. The aim is to conclude the negotiations at the latest during week 47.
Co-determination negotiations concerning the salaried employees of the Finnish units were concluded in July 2012. In addition to the termination of permanent employment contracts, the salaried employees are being laid off temporarily for a maximum of 90 days between autumn 2012 and spring 2013. The temporary lay-offs started in September 2012.
”We are improving productivity by adjusting our operations and use of capacity to better correspond with the present market situation”, Mr. Vesa Korpimies, Exel Composites Plc’s President and CEO, says.
Vantaa, 26 October 2012
EXEL COMPOSITES PLC
Vesa Korpimies
President and CEO
FURTHER INFORMATION:
Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email vesa.korpimies@exelcomposites.com
Ilkka Silvanto, CFO and Administrative Director, tel. +358 50 598 9553, or email ilkka.silvanto@exelcomposites.com
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
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www.exelcomposites.com
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.