PartnerTech plans to divest UK unit

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.