KONECRANES STARTS STATUTORY NEGOTIATIONS IN HEADQUARTER FUNCTIONS IN HYVINKÄÄ
Konecranes starts statutory negotiations in headquarter functions in Hyvinkää
Due to weak demand for maintenance service and lifting equipment, Konecranes has taken various steps in 2009 to adjust its capacity and costs globally. During the first half of 2009, orders received were 41 percent lower than in the same period of 2008. Consequently, Konecranes will start statutory negotiations regarding possible temporary and permanent layoffs within Konecranes Plc and Konecranes Finance Corporation. It is estimated that the possible permanent personnel reductions will affect at most 10-15 employees in Finland. The statutory negotiations now initiated target all personnel, a total of 189 persons, of Konecranes Plc and Konecranes Finance Corporation. Both companies are based in Hyvinkää and represent headquarter functions, which include IT, R&D, marketing & communications, legal, financial, HR and procurement. In addition to possible temporary and permanent layoffs, Konecranes is taking additional actions to save costs, including reducing the purchasing of external services and products. The aim of the measures is to further adjust the companies' cost structures and resources to correspond with the current, weak market situation and to secure future competitiveness. Konecranes has already adjusted its capacity. In the second quarter interim report 2009 Konecranes reported a reduction of 850 persons from year-end 2008. The company also estimated that the number of employees would further decrease by 750 persons during the latter part of 2009. The statutory negotiations at headquarters are part of this decrease. Additional information: Press Mikael Wegmüller, Director, Marketing and Communications, Konecranes Plc Email: mikael.wegmuller@konecranes.com, or tel. +358 20 427 2008 Investors and analysts: Sanna Päiväniemi, Investor Relations Manager, Konecranes Plc Email: sanna.paivaniemi@konecranes.com, or tel. +358 20 427 2050 This press release is available on our website www.konecranes.com Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes. In 2008, Group sales totaled EUR 2,103 million. The Group has 9,700 employees, at 485 locations in 43 countries. Konecranes is listed on the NASDAQ OMX Helsinki Ltd (symbol: KCR1V). www.konecranes.com