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PCB | February 16, 2006

Mania restructures to meet the decline

The operative restructuring of the Outsourcing and Production Systems Divisions announced in the ad hoc dated November 18th 2005 has for the most part been completed in the meantime.
In the Outsourcing Division the Company has parted with all test centers in Europe or initiated the appropriate measures to do so. The test centers in France, Great Britain and Germany (Weilrod) will be closed down in the near future; the jobs there will no longer exist. The test center in the Netherlands has been sold to J.W.J. Charmant Beheer B.V. today. An agreement regarding the sales of the test center in Italy will be concluded in the next few days.

In the Production Systems Division personnel adjustments have been made at the sites in Weilrod and Spain.

Due to these restructuring measures the company is releasing a total of 130 employees in Europe. The turnover volume of the sites involved amounts to ca. Euro 10 mil. p.a. The restructuring costs and other one-off costs amount to ca. Euro 13 mil. and will be allowed for in the financial statements for 2005.

The restructuring of the Outsourcing Division in Europe had become necessary as the margins achieved were not sufficient and in Mania's estimation the market will continue to decline. The measures taken in the Production Systems Division are the result of necessary adjustments in capacity due to the drop in demand in the drilling machine business and the reduction in the vertical range of the manufacture of test systems.

In this way Mania has laid the foundations for its concentration on its future core business, where above-average growth and an improvement in the rate of return are expected.

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