Stock Exchange release
10 September 2008 19:00
Uponor closes Canadian manufacturing facility
Uponor announced today a decision to close its Canadian manufacturing facility
in Saint John, New Brunswick, effective 10 Sept. 2008. The closing is part of
the initiative to reduce costs and align expenses to the low activity level in
the building and construction industry. On 12 August, Uponor announced a global
programme that targets structural cost reductions in the range of EUR 30
million, effective in 2009. The planned actions are likely to affect more than
200 employees corporate-wide.
Approximately 80 employees are influenced by the closure in St. John. Uponor is
working with them during this transition by offering outplacement services and
severance packages. There will be new recruitments in the Apple Valley,
Minnesota factory later on, which will somewhat impact the total personnel
reduction.
Closing the St. John facility allows Uponor to improve the overall operational
effectiveness in response to the marketplace. Despite the difficult economic
environment, Uponor is also taking advantage of opportunities and actively
focusing on its strategic growth initiatives in North America, such as new
product development, investments in the Apple Valley manufacturing facility, and
new distribution centre.
For more information, please contact:
Jan Lång, President and CEO, tel. +358-20-129 2822
Jyri Luomakoski, CFO and deputy CEO, tel. +358-40-5154498
Uponor Corporation
Tarmo Anttila
Vice President, Communications
Tel. +358 (0)20 129 2852
DISTRIBUTION
OMX Nordic Exchange - Helsinki
Media
www.uponor.com
Uponor is a leading supplier of plumbing and heating systems for the residential
and commercial building markets across Europe and North America, and a market
leader in municipal infrastructure pipe systems in the Nordic countries.
Uponor's key applications include floor heating and plumbing systems. The Group
employs 4,250* persons globally. In 2007, Uponor's net sales (pro forma*)
totalled 1,050 million euros, returning an operating profit of
12.9*%. Uponor Corporation is listed on the OMX Nordic Exchange in Helsinki,
Finland. Http://www.uponor.com.
*) Does not include the Infrastructure business in the UK and Ireland divested
in June.