OUTOTEC OYJ STOCK EXCHANGE RELEASE DECEMBER 4, 2013 at 1.00 PM
Outotec completes employee cooperation negotiations in Finland
The employee cooperation negotiations concerning Outotec's operations in Finland have been completed. The negotiations began on October 21, 2013. As a result, Outotec will reduce in total 101 jobs in Finland, of which approximately half through redundancies and the other half through retirements and discontinuing temporary employments. The estimated need for redundancies in Finland at the beginning of the negotiations was approximately 60. Outotec employed 1,523 persons in Finland at the end of September.
Redundancies will be made in Espoo, Pori, Lappeenranta and Turku operations due to reduced workload and restructuring. Most of the reduction measures will be completed in Finland by the end of 2013. Outotec offers financial support for the persons made redundant as well as training programs to support re-employment and entrepreneurship.
In addition to personnel reduction, temporary lay-offs will take place in the Turula works and may also be used in other locations during 2014 to achieve the targeted savings, depending on the development of the market environment and Outotec's order intake.
The negotiations were part of Outotec's global efficiency improvement program, launched in October 2013 and targeting up to EUR 50 million annualized savings in operational costs by the end of 2014 compared to the Q3/2013 situation. The estimated reduction need globally was maximum 500 employees.
Further information will be provided during the course of the efficiency improvement program and the achieved savings will be reported quarterly.
For further information please contact:
Minna Aila, SVP - Communications & Corporate Responsibility
Tel. +358 20 529 2455
NASDAQ OMX Helsinki