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© VAT General | October 10, 2018

Short time work for VAT’s production employees in Haag

Vacuum valves manufacturer, VAT Group, says that it will introduce a short time work scheme for about 400 production employees at VAT Vakuumventile AG.
The move is a response to a softening of certain markets, especially in semiconductor equipment. The company says that its welded bellow business at Comvat AG is not impacted by short time work.

The program will begin on October 15, 2018 and will be limited in an initial phase until December 31, 2018, a press release details.

VAT said during the Q1 2018 trading update in April and the revised full-year outlook on August 2, 2018, that it is confronted with a market correction due to the significant capacity additions by the semiconductor companies during 2017 and the beginning of 2018 that need to be digested. VAT says that it still expects continued growth in its major markets but at a more moderate pace, reflecting in large part the push-out of several large semiconductor and display fab expansions to later dates.

Nevertheless, the future prospects for VAT’s business and its fundamental growth drivers, such as digitalisation, the Internet of Things, autonomous vehicles and so on, remain in place and VAT expects its markets to regain a healthy growth trajectory.
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December 13 2018 1:08 pm V11.10.14-1