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Partnertech’s Negotiations to Restructure Operations Closed
January 13, 2016 | Globe NewswireEstimated reading time: 1 minute
Partnertech AB’s Norwegian subsidiary PartnerTech AS announced on 17 November 2015 the intent to reorganize operations of the company. At the same time, the company announced that they will start a communications and negotiations procedure with the representatives of the personnel groups as put forth in Norwegian law. The possibility of closing down the production of the plant was also discussed during the negotiations.
The negotiation process has been closed on 11 January 2016. Based on the final result of the negotiations, PartnerTech AB’s Board of Directors has decided to start closing down production of the plant. The negative impact on earnings resulting from the factory closing is estimated at approximately EUR 5 million – EUR 7.5 million. The respective negative cash impact is estimated at approximately EUR 3 million – EUR 5.5 million. The plan is to conclude most of the actions by 30 June 2016 and an impact on earnings is mainly focused to first quarter of 2016.
The rolling 12 months turnover of PartnerTech AS on 30 September 2015 was about EUR 6.2 million and operating loss about EUR 4.1 million.
About Scanfil Group
Scanfil Group is an international contract manufacturer and systems supplier. Its customers include international operators in the automation, energy, data transmission and health technology sectors, and companies operating in fields related to urbanization, among other industries. Scanfil is listed on the Helsinki Stock Exchange.
In 2015 Scanfil acquired PartnerTech AB, the leading Swedish contract manufacturer. Partnertech’s turnover in 2014 was SEK 2.2 billion. Company has operations in Sweden, Norway, Finland, Poland, the UK, the United States and China.
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