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2009-10-07 08:00:00 CEST 2009-10-07 08:00:02 CEST REGULATED INFORMATION Marimekko - Company AnnouncementMARIMEKKO CONCLUDES STATUTORY EMPLOYER-EMPLOYEE NEGOTIATIONS REGARDING OPERATIONS IN FINLANDMarimekko Corporation STOCK EXCHANGE RELEASE 7 October 2009 at 9.00 a.m. MARIMEKKO CONCLUDES STATUTORY EMPLOYER-EMPLOYEE NEGOTIATIONS REGARDING OPERATIONS IN FINLAND Marimekko Corporation has concluded its Group-wide statutory employer-employee negotiations regarding a permanent reduction in the number of employees and possible temporary lay-offs in Finland. The negotiations were started in August 2009. Reorganisation of functions and rationalisation of operations will result in the elimination of 35 positions. Moreover, the company needs to fill 8 new positions; where possible, these positions will be filled by internal transfers. It was estimated in the negotiation proposal that the maximum number of permanent reductions would not exceed 35 employees. Temporary lay-offs have been rejected for the remainder of 2009, but certain functions will be prepared for possible lay-offs until 31 May 2010. The continuity of the company's three own production facilities in Finland will be ensured by measures that improve the production structure and profitability of operations. The personnel cutbacks and other measures to be taken are expected to bring annual cost savings of approximately EUR 1.5 million in total. The annual costs of the new positions are estimated at about EUR 0.4 million. In connection with the personnel cutbacks, the company makes a non-recurring cost provision of EUR 0.8 million for the third quarter of 2009. “We believe that these measures will improve our capacity to develop our operations, and we will continue our long-term investments in product development and internationalisation. In-house production provides an important competitive edge, and its continuation in Finland is a key objective for us,” says Mika Ihamuotila, the company's President and CEO. For additional information, please contact: Mika Ihamuotila, President and CEO, tel. +358 9 758 71 Thomas Ekström, CFO, tel. +358 9 758 7261 MARIMEKKO CORPORATION Group Communications Piia Pakarinen Tel. +358 9 758 7293 Fax +358 9 755 3051 Email: piia.pakarinen@marimekko.fi Distribution: NASDAQ OMX Helsinki Principal media Marimekko's website www.marimekko.com Marimekko is a leading Finnish textile and clothing design company established in 1951, especially renowned for its unique use of patterns and colours. The company designs, manufactures, and markets high-quality clothing, interior decoration textiles, bags and other accessories. Marimekko products are sold in over 40 countries. Marimekko products are also manufactured under licence in various countries. In 2008, the company's net sales amounted to EUR 81.1 million, of which exports and income from international operations accounted for 27.0%. The Group employs about 410 people. The company's share is quoted on the NASDAQ OMX Helsinki Ltd. |
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