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Electronics Production | January 16, 2009

VOGT electronic agrees on redundancy payment scheme

As a reaction to the consequences arising from the global financing crisis and the resulting current market development, the VOGT electronic Group is going to execute structural adjustments at the German facilities in Erlau and Lehesten.
A total of 219 employees in both locations will be made redundant, the majority at the Erlau site (evertiq reported). This adjustment becomes crucial to ensure the future of the Group. The Management Board and the Works Council agreed on a socially acceptable solution. The agreement, which has been concluded today for Erlau site, provides the opportunity for all employees affected to switch to a transitional company.

The restructuring costs disclosed in the annual financial statements 2008 of ca. €10 million will result in an operating loss in the 4Q for the VOGT electronic Group.

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