Vacon Plc to start negotiations to save costs
(Thomson Reuters ONE) -
Vacon Plc, Stock Exchange Release, 13 December 2011 at 9.30 am (EET)
Vacon is starting negotiations with its white-collar personnel working in the
Vacon Group's parent company Vacon Plc in Finland as part of a large global
cost-savings plan in the Group. During the years 2012-2013, the Group aims to
achieve annual savings equal to 60 man-years in its parent company and 10 man-
years in the Vacon subsidiaries. The invitation to the negotiations in the
parent company was given to Vacon's white-collar employee representatives
yesterday, 12 December 2011.
The negotiations affect approximately 420 white-collar employees in the Vacon
Group's parent company in Finland. The negotiations will deal with and aim to
agree on measures which can be used to adjust business operations to the market
situation. The goal is to find the cost-saving measures which ensure the
company's competitiveness as well as developing and launching new products to
the market. In addition to improving efficiency in operations, among the
measures to be initially considered are reductions in definite-duration office
personnel, voluntary leave of absence, working part-time, exchanging holiday pay
for time off, outsourcings, temporary lay-offs and personnel reductions. At the
same time, Vacon will consider the re-organization of its global operations.
The need for personnel reduction is estimated at 60 persons at most. Any
temporary lay-offs and part-time work are estimated to affect not more than
approximately 400 white-collar employees of the company.
In the background of the need for the alignment are economic and production
related reasons as well as the possible re-organization of Vacon's operations.
The need for the alignment is caused by the declined order intake and the poor
predictability of market prospects in the future. Vacon's financial position has
deteriorated in the second half of 2011 and the company reduced its guidance for
the year 2011 on 12 December 2011. The demand for Vacon's wind power products
started to decline already in June 2011, and it has not shown any sign of
recovery. Additionally, during the fourth quarter of the year, the demand for
motor control products has also weakened.
"The reason for the weakened demand is in the prolongation and escalation of the
European finance crisis. At the moment, it is particularly difficult to estimate
how the markets will develop. Therefore, we will have to act now and ensure that
we will survive with our feet dry if the crisis still deepens and drags on. This
is the only way we can make sure that we are prepared when the market picks up,"
concludes Vesa Laisi, Vacon's President and CEO.
In Finland, Vacon employs altogether some 750 people in Vaasa, Tampere and
Vantaa. The company will inform of the results of the negotiations after they
are completed.
Vacon Plc
Further information and press contacts:
* 12.30 (EET) onwards, Vesa Laisi, President and CEO, Vacon Plc, tel.
+358 40 8371 510, email vesa.laisi(at)vacon.com
* Sebastian Linko, Director, Corporate Communications and Investor Relations,
Vacon Plc, tel. +358 40 8371 634, email sebastian.linko(at)vacon.com
Vacon in brief:
Vacon is driven by a passion to design, manufacture and sell only the best AC
drives on the planet - and nothing else. AC drives can be used to control
electric motors or to help generate power from renewable sources. Vacon has R&D
and production units in Finland, the United States, China and Italy, and sales
offices in 27 countries. In 2010, Vacon had revenues of EUR 338 million and
globally employed 1,300 people. Vacon's shares (VAC1V) are listed and publicly
traded on the Helsinki Stock Exchange.
Driven by Drives, www.vacon.com
Distribution:
NASDAQ OMX Helsinki
Financial Supervisory Authority
Main Media
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Source: Vacon Oyj via Thomson Reuters ONE
[HUG#1570832]
Unternehmensinformation / Kurzprofil:
Datum: 13.12.2011 - 08:30 Uhr
Sprache: Deutsch
News-ID 96223
Anzahl Zeichen: 4809
contact information:
Town:
Vaasa
Kategorie:
Business News
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