Stock Exchange Releases
On 31 October 2011, Tulikivi Corporation announced its plans to carry out adjustment measures as the sales outlook in Tulikivi’s principal markets continues to be challenging due to the ongoing economic crisis.
At the same time, Tulikivi started codetermination negotiations involving the entire Group and all personnel groups with the aim of improving the company’s profitability and the efficiency of its operations. In addition to any redundancies, the company also discussed layoffs in 2012. The codetermination negotiations were concluded on 22 December 2011.
As a result of the negotiations 51 employees will be made redundant. It was also decided that the company can implement layoffs of a maximum of 90 days in 2012.
These adjustment measures are expected to result in non-recurring expenses of about EUR 1 million, which will burden the result for 2011. As a result of these adjustment measures, the company expects to achieve a positive operating result in 2012.
NASDAQ OMX Helsinki Ltd
Further information: Tulikivi Corporation, FIN-83900 Juuka, www.tulikivi.com
– Matti Virtaala, Chairman of the Board, tel. +358 (0)207 636 666
– Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555