Exel concluded employee negotiations in Finland
EXEL OYJ STOCK EXCHANGE RELEASE 7.9.2006 at 13.30 1 (1)
EXEL CONCLUDED EMPLOYEE NEGOTIATIONS IN FINLAND Exel has concluded the employee negotiations of its Sport Division in Finland which started on 1 September 2006. The employee negotiations were due to lowered demand for the Sport Divisions consumer products in Germany, as a result of which the sales, delivery and marketing operations will be reorganized. As a result of the negotiations, three salaried employees will be given notice. In addition, the production personnel of the Sport Division has been given a temporary lay-off warning which is valid until further notice. The possible implementation of the temporary lay- offs depends on the factorys load factor and is estimated to concern 60 to 70 persons. The lay-offs duration is a maximum of 90 days. A majority of the personnel reductions concerns the Sport Divisions sales companies outside of Finland. Employee negotiations continue in these units. The outcome of the negotiations will be published when they have been concluded, which is estimated to take place within a month. Mäntyharju, 7 September 2006 EXEL OYJ Ari Jokelainen President & CEO Further information: Mr Ari Jokelainen, President, Exel Oyj, tel. +358 50 590 6750 Exel Oyj is a leading, international Group specialised in composite technology, with a special focus on pultrusion, pull-winding and continuous lamination. The Groups operations include design, manufacturing and marketing of advanced composite products for industrial applications and consumer goods. Exels most well-known consumer products include cross-country, alpine and Nordic Walking poles, floorball sticks, antenna radomes and other industrial applications. In 2005 the Groups net sales totalled EUR 91 million. Exel personnel averages 650. Exels share is listed on Helsinki Stock Exchanges Main List.