PCB |
Stagnant sales for Cicor in 2008 - Short-time working introduced for PCB Division
Swiss based Cicor Technologies managed to maintain sales at the same level as in the previous year, despite an increasingly difficult operating environment. Declining volume of orders from the automotive industry, short-time work is being introduced for around two-thirds of the PCB Division's workforce.
The full-year consolidation of the Microelectronics Division and the addition in 2008 of Asia-based ESG Group helped to offset the lower revenues earned by the Printed Circuit Boards (PCB) Division. Owing to the continuing weakness of the semiconductor industry.
The PCB Division accounts for about 25% of group sales, was particularly hard hit by the effects of the economic downturn. The Division already launched a cost-reduction program in the third quarter of 2008, but given the continuing decline in demand from various sectors, it now believes it has no option but to introduce short-time work for around two-thirds of the Division's workforce from February 2009. Working hours for these employees will be reduced by about 50%. This should have two effects: it will match capacities to the lower demand, and it will help protect the jobs of Cicor's highly skilled specialists, thus maintaining the company's technological leadership.
