NEO INDUSTRIAL PLC STOCK EXCHANGE RELEASE February 6, 2012 at 11.00 am
REKA CABLES’ CO-DETERMINATION NEGOTIATIONS CONCLUDED
Neo Industrial’s subsidiary Reka Cables has concluded the co-determination negotiations concerning the entire personnel in Finland. The negotiations were announced on January 13, 2012. The purpose of the co-determination negotiations was to secure company’s ability to compete, considering the seasonal fluctuation, market situation and sales development
Thanks to the increased volume of orders the adjustments can be accomplished by using wide range of working time flexibilities and re-scheduling of holidays. At the same time Reka Cables will shut down the factories for 1 - 2 weeks in February - April and apply partial 4-days working week.
With these arrangements the company was able to avoid the dismissal of employees.
Neo Industrial Plc
Markku E. Rentto
Managin Director
For further information, please contact:
Managing Director Markku E. Rentto, tel. +358 207 209 191
Neo Industrial's strategy is to invest mainly in industrial companies with similar synergic benefits. The aim of investments is with active ownership to develop the purchased companies and establish additional value. Returns are sought through both dividend flow and an increase in value. Neo Industrial's class B shares are listed on the NASDAQ OMX Helsinki Stock Exchange.
Neo Industrial's business segments are Cable (Reka Cables, Expokabel, Nestor Cables), Viscose Fibers (Avilon) and Single Family Housing (Finndomo).