SMT & Inspection | February 03, 2009
Axeon lays off in Poland, Scotland and Germany
Scotland based Axeon laid off a total of 200 employees in Poland, Scotland and Germany.
According to the company, they have laid off 200 employees - 23 at its unit in Dundee, Scotland, 25 in Germany and the rest has to go at Axeon's assembly facility in Poland. Turnover for the year 2008 (ending December, 31 2008) increased to £61m (2007: £29m), with 12 months activity in 2008 from Axeon AG compared to 5 months in 2007. A loss of below £3m from operations is expected compared with a 2007 operating profit of £0.14m. Cash at December 31, 2008 was £2m (2007: £12m). Borrowings were £8m (2007: £6m) with the movement caused entirely by currency fluctuation in the year on these US dollar denominated loans. The Company continues to enjoy the support of its principal lender and, since it continued to operate at a loss during the final quarter of 2008, has reached agreement on a covenant waiver until the end of February 2009. The Company will seek a continuation of this waiver.
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