IPTE sells automation division - renames EMS business

IPTE sells its automation division to Huub Baren and Vladimir Dobosch, both shareholders and directors of IPTE. The automation division is being sold for a fixed amount of EUR 2 million and a variable amount calculated as a function of the accumulated profits of the division until December 31, 2012. IPTE’s remaining contract manufacturing division will continue as the sole publicly traded entity. IPTE Group will also change name to Connect Group. “We are changing our name to Connect Group, and are becoming a subcontracting company, specializing in contract manufacturing, which will about 30% smaller than what the IPTE group has been until now”, says board chairman Erik Dejonghe. The Belgian service provider for the assembly of cables, PCBs and modules (equipment, racks, products and final product assembly) recorded in 2008 as part of IPTE a turnover of EUR 166 million and an operating profit of EUR 7.75 million. It has been constantly profitable, with the exception of the crisis year 2001. IPTE Automation will continue to develop its activities at full speed from Genk. This means that the employees now working in Genk will also be part of the new IPTE Automation. This new company will no longer be listed.