Ovako enters into agreement on working time adjustment for operations in Hofors

Ovako in Hofors has today entered into an agreement with the unions on working time adjustment. The agreement applies to both white-collar workers and employees with collective agreements in Hofors.

The new agreement includes all employees in Hofors, in both the Bar Hofors-Hällefors and the Tube and Ring business areas. The agreement means that employees will work 80 percent of the time and will receive 90 percent of the salary. It also means a strengthening of the existing profit-sharing programme for personnel in Hofors during the period 2014-2017, and will make possible future compensation for the reduced salary.

“This means that the redundancy notice previously issued in Hofors will not be implemented. At the same time, the work to improve productivity and efficiency in the operations will continue,” says Sten Lyckström, President of Business Area Bar Hofors-Hällefors.

The agreement will come into force from 1 February 2013, and will apply for six months for employees with collective agreements and for three plus three months for white-collar workers.

For additional information, please contact:
Sten Lyckström, President of Business Area Bar Hofors-Hällefors, +46 70 533 55 91

Ovako is a leading European producer of engineering steel for customers in the bearing, transportation and engineering industries. Our production covers low-alloy steels and carbon steels in the form of bars, tubes, rings and pre-components. The company has production plants in 11 locations and several sales companies in Europe and the USA. Net sales in 2011 were EUR 1,121 million and the number of employees was 3,239. Total steel production capacity is 1.3 million tonnes per year.

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