Exel Composites Oyj - Company Announcement

Co-determination negotiations concerning the Finnish units of Exel Composites Plc have been concluded

EXEL COMPOSITES PLC                           STOCK EXCHANGE RELEASE 16.8.2013
at 9.30 a.m. 

CO-DETERMINATION NEGOTIATIONS CONCERNING THE FINNISH UNITS OF EXEL COMPOSITES
PLC HAVE BEEN CONCLUDED 

Co-determination negotiations concerning the Finnish units of Exel Composites
Plc have been concluded. 

The negotiations concerned all the salaried and non-salaried employees working
in the Finnish units. The need for cost reductions for different employment
groups was estimated to be equal to a maximum of 60 full-time work years. 

As a result of negotiations, the number of employment contracts to be
terminated is 15 at most. The contracts to be terminated concern the Joensuu
unit. Diverse working hours in accordance with the Collective Agreement will be
taken into use for non-salaried employees working in all the Finnish units in
order to increase flexibility. In case flexible arrangements of working hours
are not sufficient with regard to local work load situations, temporary
lay-offs will be implemented. 

Job descriptions, tasks and essential terms of the employment contracts of
salaried employees will be altered to correspond to the new situation. In
addition, part of the salaried employees will be laid-off temporarily when
necessary. 

Measures that concern all the employment groups include cutting costs and
increasing flexibility. Converting holiday bonus to paid leave will be
increased and preparations will be made for monthly salary payment for all the
employment groups to rationalize administrative work. Moreover, a new, more
rewarding productivity bonus system will be introduced for non-salaried
employees. Simultaneously, a decision has been made during the negotiations to
make the Finnish units of the Group smoke-free. 

The measures will impact the financial results during 2014.

Mr. Vesa Korpimies, President, says:”Flexibility is important to allow us to
deliver all the orders in time and to safeguard jobs. Exel Composites continues
to invest heavily in sales and product development to secure profitable growth
in the future.” 

The development of the market situation is monitored at all times in the Group,
and if necessary, measures will be taken promptly. 



Vantaa, 16 August 2013



EXEL COMPOSITES PLC

Vesa Korpimies
President and CEO



FURTHER INFORMATION:
Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email
vesa.korpimies@exelcomposites.com 
Ilkka Silvanto, CFO and Administrative Director, tel. +358 50 598 9553, or
email ilkka.silvanto@exelcomposites.com 

DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com


EXEL COMPOSITES IN BRIEF
Exel Composites (www.exelcomposites.com) is a technology company which designs,
manufactures and markets composite profiles and tubes for industrial
applications. The Group is the leading composite profile manufacturer in the
world and concentrates on growing niche segments. 

The core of the operations is based on own, internally developed composite
technology, product range based on it and a strong market position in selected
segments with a strong quality and brand image. Profitable growth is pursued by
a relentless search for new applications and development in co-operation with
customers. The personnel's expertise and high level of technology play a major
role in Exel Composites' operations. 

Exel Composites Plc share is listed in the Small Cap segment of NASDAQ OMX
Helsinki Ltd.