Business | December 30, 2011

Eng Teknologi updates on Thailand flooding

Flood waters have receded at the manufacturing facilities of both Engtek (Thailand) Co., Ltd. (ETCL) and Altum Precision Co., Ltd. (APT).
Decontamination and cleaning work are currently underway at the facilities and is expected to be completed by next week (announcement as of December 15, 2011). Restoration work will commence thereafter.

The insurance loss adjustors have conducted a preliminary assessment of the damage caused by the floods. Initial assessment indicates that the machinery damage is widespread due to rust, corrosion and contamination after being submerged in flood waters above two metres since October 2011.

Whilst production capacity of ETCL and APT may be fully restored by the second quarter of 2012, production level at both ETCL and APT are only expected to return to normal by the third quarter of 2012 as the output is meant for major customers which have also been affected by the floods.

The floods have caused a substantial disruption to the supply chain of key hard disk drive components and the whole hard disk drive industry in Thailand. It is estimated that the supply chain situation will only be normalised in the next three (3) to six (6) months.

This announcement is dated 15 December 2011.


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