AT&S sells South Korean plant to Somacis
Austrian PCB manufacturer AT&S has signed an agreement for the sale of its South Korean subsidiary, AT&S Korea, and its manufacturing plant in Ansan or EUR 405 million.
“With the sale of the plant in Ansan we aim to further sharpen the Group’s strategic profile,” says AT&S CFO Petra Preining, in a press release. “We strongly believe that with the Italian technology group Somacis as its new owner, the Ansan site will unleash its full potential and continue pursuing an attractive journey of strong growth.”
The Ansan plant focuses on the production of flexible PCBs for electronic systems across industries, in nearly any form factor.
“Ansan is an AT&S success story,” says CEO Andreas Gerstenmayer. “When AT&S acquired the plant in 2006, all revenue was generated locally, and its performance was far below the expectations of AT&S. The development of new applications, strong investment in technology and capabilities, as well as the strong commitment of the responsible team resulted in strong revenue growth and a significant improvement in performance. Within only a few years, revenue quadrupled.”
The transaction is currently subject to regulatory approval and is expected to be completed in the next few months.
Giovanni Tridenti, CEO of Somacis, says in the press release that the company plans to maintain the facility's proven track record of growth through "strong additional investments in its existing team and technical capabilities".
