Nurminen Logistics Plc Stock Exchange Release 20 December 2011 at 9.00 a.m.
Nurminen Logistics announced on 30 November 2011 that it plans to adjust its operations due to uncertain market situation and temporary drop in company’s volume level. The company started co-determination negotiations concerning approximately 170 people in the company’s terminal and forwarding operations in Finland. The co-determination negotiations were concluded on 19 December 2011.
As a result of the co-determination negotiations the company will start temporary lay-offs with maximum length of two weeks in its locations in Hamina, Kotka, Luumäki, Niirala and Vainikkala. The temporary lay-offs will concern approximately 80 people. Futhermore, it was decided that the company can implement additional temporary lay-offs with maximum length of 90 days also later in 2012 in locations which were within the scope of the co-determination negotiations and in which the work load has decreased. With this anticipatory measure the company prepares for the possible weakening of its market situation. However, according to company’s current perception the temporary lay-offs will mainly take place during the first quarter of 2012.
Despite the uncertain market situation and the drop in the volume levels company's outlook for 2011 is unchanged. The net sales of the company are expected to increase by approximately 10% in 2011 compared to 2010. The company's operating result is expected to be slightly better than in 2010.
NURMINEN LOGISTICS PLC
Topi Saarenhovi
President and CEO
Further information:
Mr. Topi Saarenhovi
President and CEO
Tel. +358 10 545 2431
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Major Media
www.nurminenlogistics.com
Nurminen Logistics Plc
Nurminen Logistics provides high-quality logistics services, such as railway transports, terminal services, forwarding, special and heavy transport and value added services. The company has collected logistics know-how from three centuries, starting in 1886. Nurminen Logistics' main market areas are Finland, the Baltic Sea region, Russia and other CIS countries. The company’s share is listed on NASDAQ OMX Helsinki.