Uponor Corporation Stock exchange release 17 April 2009
Uponor introduces new savings initiatives
Uponor has continued to introduce new rationalisation and cost reduction
measures, with the target of adjusting operations to the continuous low demand
in the building and construction sector. The measures mainly involve the
company's residential building business in Europe.
Today, the Uponor subsidiary in Finland, Uponor Suomi Oy, informed its
personnel of new statutory consultative negotiations on temporary lay-offs
affecting all of its 360 employees for a period of two months at most. The
negotiation process will take some 6 weeks, and the exact number and timing of
the lay-offs as well as the way how they will be implemented will be defined
more closely during the process. The lay-offs may end up being shorter than
currently planned if the necessary cost savings are achieved through other
means or if the markets start to show signs of recovery.
Uponor has carried out several other similar measures during the first quarter
of 2009, for example in Sweden, Spain and in Great Britain. In January, the
company announced staff reductions affecting 52 people in Virsbo, Sweden. The
management and employees in the company's building solutions business in Sweden
also agreed on temporary cuts in salaries and working hours during a period of
10 weeks. Furthermore, 19 persons were affected by staff reductions in Spain
and Portugal, in addition to those carried out last year. In Great Britain, the
company recently announced a reduction need of 19 persons at most, to be
realised during April.
Uponor will publish its interim results for the first quarter of 2009 on 29
April.
Further information:
Jyri Luomakoski, President and CEO, tel. +358 40 515 4498
Uponor Corporation
Tarmo Anttila
Vice President, Communications
Tel. +358 20 129 2852
DISTRIBUTION:
NASDAQ OMX 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 indoor climate and tap water
systems. The Group employs ca 3,800 persons in 27 countries. In 2008, Uponor's
net sales totalled 950 million euros. Uponor Corporation is listed on the
NASDAQ OMX Helsinki Ltd., Finland. http://www.uponor.com