Electronics Production | December 20, 2005

Cencorp sells its German subsidiary

Cencorp Corporation sells its German subsidiary Cencorp Deutschland GmbH to its current management.
According to the contract signed in Kaiserslautern today the company will be transferred to managing director Benno Berwanger's ownership latest on the 27th of December 2005.

After the contract has been fulfilled, Cencorp Deutschland GmbH continues as Cencorp's distributor in Germany, Austria, Switzerland, Czech, Slovakia, Italy and Poland. The company will be responsible for the sales and the service of Cencorp products in these countries also in the future. Parties have agreed on close mutual cooperation concerning sales and service in the territory. Target of the cooperation is to increase the penetration of Cencorp's products in Europe, particularly in Germany.

The transaction will have no significant effect on Cencorp's 2005 result. The reorganization of the German operations will strengthen Cencorp's position in Central Europe by simultaneously achieving a significant reduction of annual fixed costs from year 2006 onwards.

Cencorp develops and supplies automation solutions to the electronics and semiconductor industry that enhance productivity.


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