LEM's reduction in Switzerland

Following the Company’s decision to establish a new production site in Sofia, Bulgaria, LEM had announced the relocations to the concerned employees in LEM Switzerland in March 2013. The company has now individually informed its employees that the headcount at its Geneva site will be reduced through 13 layoffs. LEM has agreed with the employee representatives on a social plan and support for the affected employees. The expected cost of the restructuring plan is in line with provisions recorded and will not lead to additional cost in financial year 2013/14. LEM will maintain a substantial and strategic presence in Geneva. LEM’s Geneva production site will continue to focus on high-complexity / high precision products. The headquarters in Geneva will be reinforced with continued investment in R&D capacity and marketing.