Exel Composites Plc to start co-determination negotiations in the company’s manufacturing units in Finland
EXEL COMPOSITES PLC INVESTOR NEWS 22 JANUARY 2019 at 14:00 EET
Exel Composites starts co-determination negotiations in the company’s Finnish units on financial and productive grounds with the purpose of improving profitability and adjusting the company’s resources to the need. The negotiations concern about 200 employees working in Mäntyharju and Joensuu.
In addition to cost savings measures to be implemented, the initial personnel reduction need is estimated to be maximum 9 persons. The research and development, sales or customer service functions are not within the negotiations. The negotiations are estimated to be concluded during February 2019.
As communicated in a stock exchange release on 31 October 2018, Exel Composites initiated a Group-wide cost reduction program to improve Group profitability. The program consists of optimizing Exel Composites’ manufacturing footprint in Europe, improving the profitability and cost efficiency of the acquired DSC business as well as further synergy savings between the company’s two manufacturing units in China, among other things. The annual savings target of the program is EUR 3 million, expected to be fully effective in 2020.
Vantaa, 22 January 2019
Exel Composites Plc
Riku Kytömäki
President and CEO
Mikko Kettunen
CFO, Business Unit Manager, Finland
For further information, please contact:
Mikko Kettunen, CFO, Business Unit Manager, Finland
tel. +358 50 347 7462
mikko.kettunen@exelcomposites.com
Distribution
Main news media
www.exelcomposites.com
Exel Composites in brief
Exel Composites is the world’s leading composite technology company that engineers and manufactures composite products and solutions to an extensive range of demanding industrial applications.
The core of the business is based on the employees’ high level of expertise and own, internally developed composite technologies, which have been perfected over decades with a steady focus on innovation. With nine manufacturing plants across Europe, Asia, and North America, and a global sales network, Exel Composites is firmly driven by superior customer experience and world-class operations.
Headquartered in Finland, Exel Composites employs approximately 650 people globally. The company’s shares are listed on the Nasdaq Helsinki exchange.