Co-determination negotiations to be started in the Finnish units of the Exel Composites Group
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 19.6.2012 at 13.00 1 (1)
CO-DETERMINATION NEGOTIATIONS TO BE STARTED IN THE FINNISH UNITS OF THE EXEL COMPOSITES GROUP
Co-determination negotiations will be started on 25 June 2012 in the Finnish units of the Exel Composites Group. The negotiations concern all the salaried employees working in the Finnish units.
At present the Finnish units of the Exel Composites Group employ 203 persons of whom 133 work at the Joensuu factory and 51 at the Mäntyharju factory. In addition, 19 persons work in Group functions. The number of salaried employees totals 76. It is estimated that a maximum of 9 employment contracts of salaried employees will be terminated. In addition, temporary lay-offs of a maximum of 90 days may be considered to achieve permanent savings in personnel costs. Other measures may also be used to this end. The need to reduce workforce and temporary lay-offs do not concern non-salaried employees. The aim is to conclude the negotiations during week 28.
”We will improve and adjust our operations to better correspond with the present market situation. We expect to achieve necessary savings by eliminating overlapping operations and restructuring the organization to improve efficiency”, Mr. Vesa Korpimies, Exel Composites Plc’s President and CEO, says.
Vantaa, 19 June 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
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main news media
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.