Exel Oyj concluded co-determination negotiations

EXEL OYJ STOCK EXCHANGE RELEASE 22.2.2008 at 13.45 1 (1)

EXEL OYJ CONCLUDED CO-DETERMINATION NEGOTIATIONS

Exel Oyj’s co-determination negotiations were concluded on 22 February 2008. The negotiations were based on operative and financial needs of improving the profitability of the Mäntyharju factory which is a part of Exel Oyj’s Industry Division, also known as Exel Composites. The operations will be adjusted in line with, among other things, Exel Composites’ Sport and Leisure market segment’s demand at the factory in question.

The negotiations were based on the employer’s negotiation proposal. The estimated personnel reduction requirement regarding permanent personnel was a maximum of 12 non-salaried employees. The negotiations also regarded temporary layoffs of a maximum of 12 non-salaried employees and layoffs of a maximum of 5 salaried employees. As a result of the negotiations, the amount of employment contracts to be terminated is 13. From contracts to be terminated in March 2008, 10 are for non-salaried employees and 3 for salaried employees. In addition, the job descriptions of 3 salaried employees will be changed to be in line with the new situation.

Furthermore, Exel gives 12 non-salaried employees a notice of a temporary layoff. The notice starts on 1 March 2008 and ends on 28 February 2009 at the latest.

After the layoffs the factory’s staff will consist of 59 persons including both non-salaried and salaried employees.


Vantaa, 22 February 2008

EXEL OYJ


Göran Jönsson
President and CEO

Further information:
Mr. Vesa Korpimies, Executive Vice President, Exel Oyj, tel. +358 50 590 6754, or email vesa.korpimies@exel.net