CENCORP CORPORATION STOCK EXCHANGE RELEASE 16 May 2014 at 13.05 FINNISH TIME
CENCORP CORPORATION STARTS STATUTORY NEGOTIATIONS IN ITS INDUSTRIAL AUTOMATION RELATED SEGMENTS – THE STATUTORY NEGOTIATIONS DO NOT CONCERN THE CENCORP CLEAN ENERGY BUSINESS SEGMENT
In order to improve the company’s profitability and cost-effectiveness of the operations and the sales as well as to strengthen competitiveness in its Laser and Automation Solutions segment (“LAS”) and Life Cycle Management segment (“LCM”), and to adjust its operations to the changed business environment, Cencorp has decided to investigate the options of restructuring and downsizing the company’s operations relating to the LAS and LCM business. In relation to the process the company is reviewing possibilities to relocate its spare parts operations and service to Estonia. In addition, Cencorp reviews different options for the company’s location and premises in Salo, Mikkeli and other places in Finland.
To adjust its operations Cencorp starts statutory negotiations in all its offices in Finland based on the grounds related to the restructuring of the operations and on production-related and financial grounds. The statutory negotiations will include all Cencorp employees in Finland excluding the personnel working within Cencorps Clean Energy segment. The negotiations concern reduction in labor of max. nine employees.
In Mikkeli, 16 May 2014
CENCORP CORPORATION
For more information:
Iikka Savisalo
President and CEO
Cencorp Oyj
Tel. +358 40 521 6082,
Email: iikka.savisalo@cencorp.com
Distribution:
NASDAQ OMX, Helsinki
Main media
Cencorp Corporation is a leading provider of industrial automation solutions. The equipment in the product portfolio include, automated applications of odd-form assembly and depaneling for the electronic boards, testing equipment and advanced materials processing by laser. All Cencorp's offering improves the efficiency of the customers' production. Cencorp has clean technology, especially photovoltaic (PV) solutions as its other business segment. Cencorp now offers its automated manufacturing technology of the PV modules, manufactures and sells photovoltaic modules, based on Cencorp´s own technology as well as key components of photovoltaic modules. The product range also includes EMI shielding solutions, RFID antennas, other flexible circuits including for example conductive back sheets used in photovoltaic modules and mobile phone antennas. Cencorp's head office is located in Mikkeli, Finland. The company is part of the Finnish Savcor Group.