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Provider: Wright Reports
Provider: Reuters Investment Profile
Provider: MarketLine (a Datamonitor Company)
Provider: Wright Reports

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Exel Composites Oyj Completes Co-Determination Negotiations Concerning Finnish Units and Announces Lay-Offs

Friday, 16 Aug 2013 02:30am EDT 

Exel Composites Oyj announced that the co-determination negotiations concerning the Finnish units of the Company 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. 

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