MALMÖ, Sweden--(BUSINESS WIRE)--Regulatory News:
PartnerTech (STO:PART):
PartnerTech Ltd (UK) today announced that it intends to consolidate its UK operations to its Cambridge facility. The purpose of the proposal is to further strengthen PartnerTech’s business in the UK in order to reach sustainable profitability in this market. This consolidation of its business to Cambridge is expected to reduce costs and increase efficiency but also to increase market focus and customer service.
“I see this as a necessary and strategic step in the UK to reach sustainable profitability and growth also in this key market. By doing this and using PartnerTech’s total sales and production channels, there will be great potential”, says Mr Leif Thorwaldsson, President and CEO of the PartnerTech Group.
Costs related to this action are expected to mainly effect the first quarter of 2011 and are estimated to a maximum of SEK 10 million.
PartnerTech develops and manufactures products under contract for leading companies, primarily in Defense and Maritime, Industry, Information Technology, MedTech and Instrumentation, CleanTech and Point of Sale Applications. With upwards of 1,300 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2 billion. PartnerTech AB (www.partnertech.com), the parent company, has its head office in Vellinge, Sweden and is listed on the OMX Nordic Exchange Stockholm.
The above disclosures have been sent to the Swedish Financial Supervisory Authority (Finansinspektionen).
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