Ad
Ad
Ad
Ad
Ad
Electronics Production | December 30, 2008

PartnerTech plans to divest UK unit

Sweden based EMS provider PartnerTech has signed an agreement today to divest PartnerTech Poole Limited, one of its three British subsidiaries.
The business in Poole, which manufactures printed circuit boards with a focus on local customers, accounts for approximately 3% of total group sales.

The reason for the divestment is that the business, following changes, is operating at a loss and lacks strategic significance, given that other subsidiaries also manufacture printed circuit boards. Thus, the divestment is in line with PartnerTech’s strategy of streamlining its industrial structure and making it more cost-effective.

Because the business is being acquired by its current management, the agreement is conditional on approval of a general meeting pursuant to Chapter 16 of the Companies Act. As a result, an extraordinary general meeting will be held for that purpose in January 2009.

The divestment, which is expected to be completed in the first quarter of 2009, is not deemed to have a significant impact on PartnerTech’s financial position or earnings.

Comments

Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Ad
Ad
Load more news
December 04 2017 9:30 PM V8.9.2-1