Vacon plc Completes Personnel Negotiations Concerning White-Collar Personnel in Finland and Updates on Personnel Reduction
Vacon plc announced that on February 15, 2012 the Company completed the statutory personnel negotiations concerning the Company's white-collar personnel in Finland. The invitation to the personnel negotiations was given to Vacon's white-collar employee representatives on December 12, 2011, and the negotiations started on December 19, 2011. As a result of the negotiations, the need for personnel reduction was specified at 19 persons. 13 fixed-term employment contracts will not be extended. In addition to the personnel reductions, the number of Vacon's white-collar personnel in Finland operations will be reduced by 13 persons altogether with voluntary arrangements. In the negotiations an agreement was also reached on an option for temporary lay-offs for a total of 20 working days which can be realized during April-December of 2012 as well as on an option for temporary lay-offs for a maximum of 10 working days during the first quarter of 2013. Furthermore, savings equal to over 10 man-years have been identified in Vacon's global operations, and these savings will be realized during the first half of 2012.
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