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2011-06-09 09:30:00 CEST 2011-06-09 09:30:02 CEST REGULATED INFORMATION Scanfil - Company AnnouncementSIEVI CAPITAL PLC'S SUBSIDIARY SCANFIL EMS OY TO RESTRUCTURE FINNISH OPERATIONSSIEVI CAPITAL PLC STOCK EXCHANGE RELEASE 9 JUNE 2011 10.30 A.M. SIEVI CAPITAL PLC'S SUBSIDIARY SCANFIL EMS OY TO RESTRUCTURE FINNISH OPERATIONS The statutory employer-employee negotiations at Scanfil EMS Oy that started in April have been completed. The reason for the negotiations was the employer's plan to reorganise and streamline the operations in Finland. Based on the results of the negotiations, Scanfil EMS Oy's Board of Directors has decided to close down the Vantaa plant, reorganise the operations of the Sievi plant and to adjust the group administration functions according to the new situation. The reason for closing down the Vantaa plant is that a significant part of the demand for the products manufactured at the plant is centralised in lower cost countries. The majority of the plant's production will be moved to the group's plants in China, and part of the production will be transferred to the Sievi plant. All of the Vantaa plant employees, numbering 129, will be made redundant. The aim is to complete the measures by the end of 2011. The group administration will be adjusted to correspond with the new situation, and 3 employees will be laid off. The Sievi plant's electronic production will transfer to the Suzhou plant in China and the Pärnu plant in Estonia. The Sievi plant will focus on sheet metal mechanics production and assembly of demanding products. Due to the transfer of production to Sievi, some of the employees to be laid off in Vantaa and group administration can be offered positions at the Sievi plant. The measures by Scanfil EMS Oy will not have an effect on the future prospects published in Sievi Capital plc's interim report of 27 April 2011. SIEVI CAPITAL PLC Harri Takanen President Additional information: President Harri Takanen Tel +358 8 4882 111 Distribution NASDAQ OMX, Helsinki Major Media www.sievicapital.com Sievi Capital Group comprises the investment and parent company Sievi Capital plc, and a subgroup called Scanfil EMS Oy, which is engaged in contract manufacturing for international telecommunications technology and professional electronics manufacturers. The objective of the investment activities is to make the management of the company's funds more effective and productive by diversifying the risks and finding new growth potential. Scanfil EMS Oy has 35 years of experience in demanding contract manufacturing. Scanfil is a systems supplier that offers its products and services to international telecommunications systems manufacturers and professional electronics customers. Typical products are equipment systems for mobile and public switched telephone networks, automation systems, frequency converters, lift control systems, equipment and systems for electricity production and transmission, analysers, slot machines and different meteorological instruments. The company has production facilities in China, Estonia, Hungary and Finland. The associated companies of Sievi Capital Group: Kitron ASA (KIT) (Sievi Capital plc's share of ownership 32,96%) is a listed Norwegian subcontractor, which operates in five different customer segments: the marine and oil industry, basic industry, defence equipment industry, hospital and healthcare equipment industry and data and telecommunications industry. In addition to Norway, Kitron ASA has plants and production in Sweden, Lithuania, Germany, China and, as of the beginning of 2011, also in the United States. Kitron ASA's turnover in 2010 was NOK 1,643.9 million (about EUR 204.8 million). www.kitron.com Greenpoint Oy (Scanfil EMS Oy's share of ownership 40%) focuses on development and supply of solutions and equipment, which improve placements, visibility and sales of customer products in the Point-Of-Sale. The Greenpoint product portfolio includes a large variety of refrigerated merchandisers, displays and integrated check-out zone concepts. The company serves both brand owners and retail chains internationally. Along with the European markets Greenpoint Oy has entered North and Latin American markets through partnerships. www.greenpoint.fi iLOQ Ltd (Sievi Capital plc's share of ownership 23%) develops, manufactures and markets innovative, high security, electronic and battery-free locking solutions that combine modern mechatronics with communications and software technology. The functionality of the iLOQ S10 product concept developed by iLOQ Ltd and the added customer value it generates have been shown to be good by achieving significant growth and customer accounts in the Finnish lock market. The company has built a Finnish distributor network that covers growth centres and major cities. www.iloq.fi IonPhasE Oy (Sievi Capital plc's share of ownership 40%) develops and manufactures high performance dissipative polymers that help to control static electricity. IonPhasE products are utilized in wide range of industries like chemical, automotive, telecommunication and consumer electronics. Based on own patented technology, IonPhasE manufactures polymers called IonPhasE IPE. www.ionphase.fi Panphonics (Sievi Capital plc's share of ownership 40%) is the world's leading provider of directional audio solutions. Panphonics manufactures directional audio solutions for acoustically demanding applications based on it's own patented technology. Panphonics Sound Shower® directional audio speakers can be found in banks, retail stores, digital signage projects, information kiosks, theatres, and offices throughout the world. Panphonics is also component manufacturer and licensor of plane wave technology for industrial audio manufacturers and audio solution providers. www.panphonics.com |
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