SCANFIL PLC STOCK EXCHANGE RELEASE 10 MAY 2016 8.15 A.M.
SCANFIL SWEDEN AB SELLS SHARES IN PARTNERTECH KARLSKOGA AB AND FINALIZES THE RESTRUCTURING OF METAL PRECISION BUSINESS
The Board of Directors of Scanfil Sweden AB has decided to sell the entire share capital of its subsidiary PartnerTech Karlskoga AB, located in Karlskoga, Sweden, for a nominal selling price. According to the agreement signed by the parties, closing of the transaction is subject to certain usual pre-conditions which are expected to be met during the next few weeks. The transaction will result in a non-recurring loss of approximately EUR 5 million for the Scanfil Group and reduce group net debt by approximately EUR 2 million, which will be posted in the second quarter of 2016.
PartnerTech Karlskoga AB manufactures machined products for the defense, maritime and offshore sectors. Turnover of PartnerTech Karlskoga AB in 2015 was EUR 15.4 million and operating loss EUR 1.3 million.
PartnerTech AB Kalskoga, PartnerTech Aerodyn AB (Karlskoga, Sweden) and PartnerTech AS (Moss, Norway) formed the PartnerTech Metal Precision business segment. Scanfil announced in January 2016 to discontinue Partner Tech AS’s activities. The operations of the plant will be closed down in May 2016. Aerodyn AB was sold in April 2016. After the sale of PartnerTech Karlskoga AB the restructuring of entire Metal Precision business has been completed. The turnover of Metal Precision business in 2015 totaled EUR 25.0 million and operating loss EUR 6.1 million.
CEO Petteri Jokitalo
Tel +358 8 4882 111
Distribution NASDAQ OMX, Helsinki
Scanfil is an international contract manufacturer and system supplier for the electronics industry with 40 years of experience in demanding contract manufacturing. Scanfil provides its customers with an extensive array of services, ranging from product design to product manufacturing, material procurement and logistics solutions. Vertically integrated production and a comprehensive supply chain are the foundation of Scanfil’s competitive advantages: speed, flexibility and reliability.
Typical Scanfil products include mobile and communications network devices, automation system modules, frequency converters, lift control systems, analysers, various slot and vending machines, and devices related to medical technology and meteorology. Scanfil services are used by numerous international automation, energy, IT and health service providers, as well as companies operating in the field of urbanization. Scanfil’s network of factories consists of 15 production units in Europe, Asia and North America. The total number of employees is 3,800.