Co-determination negotiations to be started in the Finnish units of the Exel Composites Group
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 3.5.2013 at 8.55
CO-DETERMINATION NEGOTIATIONS TO BE STARTED IN THE FINNISH UNITS OF THE EXEL COMPOSITES GROUP
Co-determination negotiations will be started on 13 May 2013 in the Finnish units of the Exel Composites Group. The negotiations concern all the salaried and non-salaried employees working in the Finnish units.
”We will improve and adjust our operations to better correspond with the present sales volumes and market situation. We expect to achieve necessary savings by improving operational efficiency and restructuring tasks and the organization”, Mr. Vesa Korpimies, Exel Composites Plc’s President and CEO, says.
At present the Finnish units of the Exel Composites Group employ 190 persons of whom 130 work at the Joensuu factory and 60 at the Mäntyharju factory. In addition, 15 persons work in Group functions.
For different employment groups the need for cost reductions is estimated to be equal to a maximum of 60 full-time work years. Cost-savings in salary costs can be implemented for example by terminating permanent employment contracts, by terminating temporary employment contracts, by temporary lay-offs or lay-offs for an indefinite period and by changing the essential terms of the employment contracts. The aim is to conclude the negotiations during week 26.
Vantaa, 3 May 2013
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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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.
The Exel Composites Plc share is listed in the Small Cap segment of NASDAQ OMX Helsinki Ltd.