Exel Sports Oy and Exel Sports Sweden AB concluded co-determination negotiations

EXEL OYJ STOCK EXCHANGE RELEASE 21.11.2008 at 15.15 1 (1)

EXEL SPORTS OY CONCLUDED CO-DETERMINATION NEGOTIATIONS

Exel Sports Oy’s co-determination negotiations were concluded on 21 November 2008. The negotiations were based on operative and financial needs of improving the profitability and concluding the structural change of Exel Oyj’s Finnish subsidiary Exel Sports Oy.

The negotiations were based on the employer’s negotiation proposal. As a result of the negotiations, the amount of permanent employment contracts to be terminated is three. In addition, one temporary employment contract will be terminated, and the job descriptions of two salaried employees will be changed to be in line with the new situation.

After the layoffs Exel Sports Oy will employ 9 persons.

Co-determination negotiations at Exel Oyj’s Swedish subsidiary Exel Sweden AB (formerly International Gateway AB) are still ongoing.


Vantaa, 21 November 2008


EXEL OYJ

Vesa Korpimies
President and CEO

Further information:
Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email vesa.korpimies@exel.net


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NASDAQ OMX Helsinki Ltd
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www.exel.net


Exel is a technology company which designs, manufactures and markets composite profiles and tubes for industrial applications and sports equipment.

The personnel´s expertise and high level of technology play a major role in Exel´s operations. The core of the operations is based on proprietary, internally developed composite technology, product range based on it and the domination of selected market segments with a strong quality and brand image. The Company´s growth is based on permanent search of new applications and development in co-operation with customers. Exel concentrates on niche segments and on profitable growth. Exel’s share is listed in the Small Cap segment of the NASDAQ OMX Helsinki Ltd.