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Electronics Production |
Partnertech closing shop in Norway
On the November 17, 2015, Partnertech AB announced its intent to reorganise the operations at its Norwegian subsidiary, PartnerTech AS. Now it's finalised that the owner, Scanfil, intends to shut down the unit.
As stated before, the subsidiary announced its intent to reorganise operations of the company back in November, 2015. At the same time, the company announced that it would start negotiations with representatives of the staff. The possibility of closing down the production of the plant was also discussed during these negotiations.
The negotiation process was finalised on 11 January 2016. Based on the result of the negotiations, Partnertech's board of directors has decided to start closing down production of the plant.
The negative impact on earnings resulting from the factory closing is estimated at approximately EUR 5 million – EUR 7.5 million. The respective negative cash impact is estimated at approximately EUR 3 million – EUR 5.5 million.
The plan is to conclude most of the actions by 30 June 2016 and an impact on earnings is mainly focused to first quarter of 2016.
The rolling 12 months turnover of the Norwegian subsidiary on 30 September 2015 was about EUR 6.2 million and operating loss about EUR 4.1 million.
