Ostnor AB announces staff reductions

Ostnor AB in Mora today announces staff reductions of 21 white-color employees involving all departments of the company. Reductions will come into effect after the completion of union negotiations.

The market for mixer faucets has been weak since mid-2011 as a result of slower development within the construction and housing market. Ostnor has deployed a series of measurements in order to gradually adjust the business to the current market and fluctuations in company revenues. Measurements are ongoing and include, among other things, the reduction of temporary employees and reduction of consultancy services. Today’s announcement affects white-color employees in all company departments as a further response to adjust the total cost structure due to the lower market demand for mixer faucets. The company has today informed the unions about the coming reductions and negotiations will be initiated immediately.

Ostnor AB publishes the interim report for the first quarter 2012 on May 14 at approximately 2.00 p.m. (CET) and not on May 14 as previously announced.

For further information, please contact
Claes Seldeby, Acting CEO
Telephone +46 (0)250-596405

Ostnor conducts the sale, manufacture and product development of faucets under the strong and well-established brands, FM Mattsson and Mora Armatur. The Nordic Region is the Company’s principal market. Ostnor has net sales of almost 1 billion Swedish krona and almost 500 full-time employees. The operations are concentrated in Mora in Sweden, where the head office is also situated.