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Incap Oyj (HEL:ICP1V) Incap Corporation Stock Exchange Release 23 October 2008 at 2.30 pm
Incap has today concluded the co-determination negotiations that were initiated on 26 August 2008 at its factory in Vuokatti. As a result, 12 people will be made redundant and a total of 67 persons are laid off temporarily. The layoffs will start in three phases in November and in December.
At the same time, Incap concluded separate co-determination negotiations which were launched on 9 October 2008 and referred to the maintenance and cleaning service of the Vuokatti unit. The negotiations resulted in a termination of one person's employment contract.
Incap will book a total of EUR 0.3 million as non-recurring expenses in its third quarter result 2008 for the redundancies.
The predicted decrease in the demand for telecommunications products manufactured at the Vuokatti factory is realising towards the end of the year. The operations of the Vuokatti factory will as from the beginning of next year focus on new product introduction (NPI), prototype operations and manufacture of technically demanding products. After redundancies, temporary layoffs and termination of fixed-term work contracts a total of 79 persons are working at the factory.
INCAP CORPORATION
Sami Mykkänen President and CEO
For additional information, please contact: Sami Mykkänen, President and CEO, tel. +358 50 556 7199 Eeva Vaajoensuu, CFO, tel. +358 40 763 6570 Hannele Pöllä, Director, Communications and HR, tel. +358 40 504 8296
DISTRIBUTION NASDAQ OMX Helsinki Ltd Principal media www.incap.fi
INCAP IN BRIEF Incap Corporation is an internationally operating contract manufacturer whose comprehensive services cover the entire life-cycle of electromechanical products from design and manufacture to maintenance services. Incap's customers include leading equipment suppliers in the energy efficiency and well-being technologies for which the company produces new competitiveness as a strategic partner. Incap has operations in Finland, Estonia and India. The Group's revenue in 2007 amounted to EUR 83 million and the company currently employs approximately 730 people. Incap's share is listed on the NASDAQ OMX Helsinki. Additional information: www.incap.fi.
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
