Glaston Corporation's employee co-operation negotiations in Finland completed

Glaston Corporation's statutory employer-employee negotiations under the Act of Co-Determination within Undertakings in Finland (YT negotiations) initiated on 3 December 2010, have been concluded.

As a result of the negotiation process, approximately 25 employees will be laid off, the majority of them senior white-collar employees. In addition, Glaston will set up a global technology and design centre in Tianjin, China, and the possible effects on personnel in Finland will be determined during the first six months of 2011. Additionally, the temporary lay-offs will continue in 2011. As a principal rule the personnel reductions will commence immediately.

Glaston has ongoing efficiency measures globally. The largest adjustment measures are focused on Italy, where negotiations regarding a reduction of approximately 40 jobs are initiated today. In addition, towards the end of the year, personnel reductions will take place in the European regional organisation, where the transition to a distributor- and agent-based operating model will lead to the termination of 25 employment contracts.

600450 Glaston Corporation's employee co-operation negotiations in Finland completed

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