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2009-09-07 09:00:00 CEST 2009-09-07 09:02:14 CEST REGULATED INFORMATION Vacon - Corporate ActionVacon to begin personnel negotiations with office staff in FinlandVacon Plc, Stock Exchange Release, 7 September 2009 at 10.00 am: Vacon is starting negotiations affecting its office personnel in order to adjust its operations to the weakening of the global market. The need to adjust its operations arises from the decline in orders and the difficulty in predicting market prospects in the near future. The cost savings being aimed for will not affect customer service, product deliveries or product development. The negotiations will affect some 200 office personnel in the company's Finnish operations, but will not affect R&D or sales personnel. The aim is to agree on measures to adjust business operations to bring them in line with the needs of customer industries. The goal is to find ways of saving costs that will ensure the company remains competitive and can continue to develop new products. Measures being considered include raising efficiency in business operations, reducing the number of office personnel employed under fixed-term contracts, voluntary leave of absence, part-time work, exchanging holiday pay for time off and laying people off for a fixed period. If the targeted savings had to be achieved simply by reducing external services and with lay-offs, it would mean the need to reduce costs by some 30 man-years during 2009-2010."Capital expenditure on energy efficiency has unfortunately fallen along with the decline in the economy. Since we do not know how long the uncertainty will prevail in the market, we also have to react for a decline in revenues by cutting costs. We aim to ensure that Vacon is in good shape when capital expenditure starts to pick up again," comments Vacon Plc President and CEO Vesa Laisi. Vacon employs altogether more than 660 people in Finland, in Vaasa, Tampere and Vantaa. Vacon in brief Vacon's operations are driven by a passion to develop, manufacture and sell the best AC drives in the world - and nothing else. AC drives are used to control electric motors and in renewable energy generation. Vacon has R&D and production units in Finland, the USA, China and Italy, and sales offices in more than 25 countries. In 2008 Vacon had revenues of EUR 293.2 million and globally employed 1,200 people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the Helsinki stock exchange. Driven by Drives, www.vacon.com VACON PLC For more information please contact: * Mr. Vesa Laisi, President and CEO, phone: +358 (0)40 8371 510, between 2.00 pm and 3.30 pm * Mr. Sebastian Linko, Director, Corporate Communications, phone: +358 (0)40 8371 634, between 10.00 am and 2.00 pm Distribution NASDAQ OMX Helsinki Main media Financial Supervision Authority |
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