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2012-10-19 10:15:00 CEST 2012-10-19 10:15:04 CEST REGULATED INFORMATION Neo Industrial Oyj - Company AnnouncementNEO INDUSTRIAL’S SUBSIDIARY REKA CABLES CONCLUDED CO-DETERMINATION NEGOTIATIONSNEO INDUSTRIAL OYJ STOCK EXCHANGE RELEASE October 19, 2012 at 11.15 am Neo Industrial's subsidiary Reka Cables has concluded the co-determination negotiations concerning the entire personnel. The negotiations were announced on October 1, 2012. The purpose of the co-determination negotiations was to secure company's competitiveness considering weak demand on the main market (Scandinavia and Baltic countries) and the uncertain market outlook for the beginning of 2013. The adjustments will be accomplished by using temporary lay-offs, carried out by shutting down the factories for 1 - 2 weeks (Hyvinkää, Riihimäki, Keuruu) and applying 4-days working weeks. With these arrangements the company is able to avoid dismissals during 2012. The need for adjustments is expected to end during Q1/2013. Reka Cables' result for the latter half of 2012 is expected to be positive, even though the result for Q4/2012 will probably be negative. Neo Industrial Plc Jari Salo Managing Director Further information: Mr. Jorma Wiitakorppi, Manging Director, Reka Cables Ltd, tel. +358 207 200 380 Neo Industrial's strategy is to invest mainly in industrial companies with similar synergic benefits. The aim of investments is with active ownership to develop the purchased companies and establish additional value. Returns are sought through both dividend flow and an increase in value. Neo Industrial's class B shares are listed on the NASDAQ OMX Helsinki Stock Exchange.Neo Industrial's business segments are Cable and Viscose Fibres. |
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