Tecnomen corporation concludes personnel negotiations

TECNOMEN CORPORATION CONCLUDES PERSONNEL NEGOTIATIONS Personnel negotiations at Tecnomen Corporation have been concluded. In the negotiations it was agreed that a plan aiming at reducing personnel costs will be carried through in the Finnish units of the Corporation. The plan concerns most of the employees including the management of the company. The cost savings are carried out through voluntarily agreed cuts in salaries and temporary personnel lay-offs. The average lay-off period will be 2.5 weeks per employee, with nearly corresponding savings aimed to be achieved from the voluntary cut in salary for each employee. Furthermore, the employees are encouraged to take leave without pay, their workload permitting. The lay-offs and reductions in personnel costs are part of a total plan, by which the Corporation will adapt its cost level to the new market situation. The personnel negotiations that have now been concluded were based on the proposition prepared by the employer on 20 August 2001. The negotiations covered the entire personnel of Tecnomen Corporation. The measures are scheduled for the year 2001, starting in September. Corresponding measures have been agreed upon also in Tecnomen's international offices. The cost savings will mainly take effect in the last quarter of 2001. Espoo, 5 September 2001 TECNOMEN CORPORATION Vesa Helkkula President and CEO FURTHER INFORMATION Vesa Helkkula, President and CEO, tel. +358 9 804 781 Froste Ahlfors, Director, Administration and Personnel, tel. +358 9 8047 8241 DISTRIBUTION Helsinki Exchange Key media ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/09/05/20010905BIT00030/bit0001.doc http://www.waymaker.net/bitonline/2001/09/05/20010905BIT00030/bit0001.pdf