TULIKIVI CORPORATION Stock exchange release
15 January 2013, 10.40 am
Tulikivi Group to begin codetermination negotiations
Tulikivi Corporation is planning to reorganise its operations and adjust its production capacity in order to improve profitability.
The company is to begin codetermination negotiations covering all of the Group’s personnel. The current estimate is that any reorganisation of work would mean up to 10 people being made redundant in the Group’s Finnish operations, in sales, customer service and production, and up to 40 people in production being laid off until further notice. There will also be negotiations about fixed-term layoffs of up to 90 days affecting all the remaining personnel in the company. The company has approximately 380 employees.
Tulikivi’s negotiations concerning implementation of the layoffs will take account of the demand situation during 2013.
According to Managing Director Heikki Vauhkonen, Tulikivi’s operating environment will be unable to support any demand growth in 2013. Therefore, profitability must be improved by reorganising operations and adjusting capacity. In addition, demand will focus more strongly on the new hybrid fireplaces, which are manufactured in a process that is considerably automated.
Distribution: NASDAQ OMX Helsinki
Further information: Tulikivi Corporation, 83900 Juuka, www.tulikivi.com
- Matti Virtaala, Chairman of the Board of Directors, tel. +358 (0)207 636 666
- Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555