Re: cooperation talks

 

TIDMIIN 
 
RNS Number : 0494M 
Inion Oy 
22 January 2009 
 

 
 
 
 
 
 
 
 
Inion Oy 
("Inion or the "Company") 
 
 
Inion completes cooperation negotiations in Finland 
 
 
Tampere, Finland and Guildford, UK. 22 January 2009, Inion (LSE: IIN.L), a 
company focused on the development and commercialisation of novel biodegradable 
medical implants, has completed cooperation negotiations with employees based in 
Tampere, Finland resulting in the loss of 15 jobs across manufacturing, R&D, 
quality control and marketing. As part of the process a number of jobs were also 
transferred into our commercial team, strengthening our customer interface. 
 
 
Inion initiated cooperation talks with its employees in November 2008 as part of 
an ongoing process to streamline the business and reduce costs while it 
evaluates its re-financing options. Cooperation negotiations are required under 
Finnish law prior to making any decisions on possible workforce reduction. This 
process resembles the 'fair consultation' required from UK employers in a 
similar situation. 
 
 
The redundancies will create approximately EUR500,000 of cost savings for Inion 
during 2009 and EUR640,000 on an annualised basis thereafter. The total cost of 
redundancies is expected to be approximately EUR70,000. 
 
 
 
 
Chris Lee, Inion's CEO, said, "The result of cooperation talks has unfortunately 
but necessarily resulted in a number of redundancies at our facility in Finland. 
However, we remain totally committed to accelerating our business growth in our 
core business areas, based on our commercial goal of making Inion products the 
first choice for surgeons." 
 
 
-ends- 
 
 
For further information, please contact: 
 
 
Inion Oy 
Chris Lee, Chief Executive Officer 
Julien Cotta, Chief Financial Officer 
Tel: [phone] 
 
 
Citigate Dewe Rogerson 
Mark Swallow / Helena Galilee / David Dible 
Tel: [phone] 
 
 
About Inion (www.inion.com) 
 
 
Inion Oy is a medical devices company focused on the development and successful 
commercialisation of innovative and unique biodegradable and bioactive surgical 
implants in selected high value orthopaedic market segments. 
 
 
Inion's core expertise and technology lies in the design and manufacture of 
innovative biodegradable plates, screws, pins and membranes, which are used to 
enhance the healing of bone or soft tissue injuries to the skeleton, such as 
those caused by trauma or by reconstructive surgery. Inion implants are made 
from its proprietary Inion family of biomaterials, with properties tailored for 
specific surgical applications, in terms of strength, flexibility and rate of 
degradation 
 
Inion is also focused on developing proprietary new bioactive and biodegradable 
biomaterials that promote bone healing and accelerate patient rehabilitation. 
 
 
Inion was incorporated in early 2000 and listed on the Official List of the UK 
Listing Authority in December 2004 (ticker: IIN). The Company has offices in the 
UK and US, and its head office, R&D and production facilities are in Tampere, 
Finland. 
 
 
This announcement includes "forward-looking statements" which include all 
statements other than statements of historical facts, including, without 
limitation, those regarding the Group's financial position, business strategy, 
plans and objectives of management for future operations (including development 
plans and objectives relating to the Group's products), and any statements 
preceded by, followed by or that include forward-looking terminology such as the 
words "targets", "believes", "estimates", "expects", "aims", "intends", "will", 
"can", "may", "anticipates", "would", "should", "could" or similar expressions 
or the negative thereof. Such forward-looking statements involve known and 
unknown risks, uncertainties and other important factors beyond the Group's 
control that could cause the actual results, performance or achievements of the 
Group to be materially different from future results, performance or 
achievements expressed or implied by such forward-looking statements. Such 
forward-looking statements are based on numerous assumptions regarding the 
Group's present and future business strategies and the environment in which the 
Group will operate in the future. Among the important factors that could cause 
the Group's actual results, performance or achievements to differ materially 
from those in forward-looking statements include those relating to Inion's 
funding requirements, regulatory approvals, reliance on third parties, 
intellectual property, key personnel and other factors. These forward-looking 
statements speak only as at the date of this announcement. The Group expressly 
disclaims any obligation or undertaking to disseminate any updates or revisions 
to any forward-looking statements contained in this announcement to reflect any 
change in the Group's expectations with regard thereto or any change in events, 
conditions or circumstances on which any such statements are based. As a result 
of these factors, prospective investors are cautioned not to rely on any 
forward-looking statement. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCEAXFFAEPNEFE