TULIKIVI CORPORATION STOCK EXCHANGE RELEASE 6 November 2013, at 5.05 p.m.
Codetermination negotiations concluded at Tulikivi Corporation
The codetermination negotiations regarding Tulikivi’s plans to reduce its workforce, introduce layoffs and reorganise the company’s functions were concluded today, the 6th November 2013. The negotiations concerned the company’s entire personnel.
Employer’s account of the measures to be implemented on the basis of the codetermination negotiations
76 employees will be made redundant and 10 employees will be laid off until further notice in connection with the centralisation of fireplace production at Juuka, the closure of ceramic tile manufacturing at Heinävesi, and the reorganisation of operations. During the upcoming year, the company may also introduce temporary layoffs, lasting a maximum of 90 days, concerning the entire personnel. The measures are being carried out in connection with economic and production-related reasons and the reorganisation of the company’s operations. The redundancies will be implemented in stages, with most being carried out by the end of 2013.
The above-mentioned personnel reductions and reorganisation of functions are part of the Tulikivi Corporation’s performance improvement programme. The measures are expected to result in non-recurring expenses of approximately EUR 2.5 million in the final quarter of 2013.
TULIKIVI CORPORATION
Heikki Vauhkonen Managing Director
Distribution: NASDAQ OMX Helsinki Key media www.tulikivi.com
Additional information: Tulikivi Corporation, 83900 Juuka, www.tulikivi.com - Heikki Vauhkonen, Managing Director, tel. +359 (0)207 636 555
