ASPOCOMP GROUP Oyj STOCK EXCHANGE RELEASE March 6, 2002 at 1:45 p.m.
ASPOCOMP SAS IN FRANCE HAS FILED A PETITION FOR BANKRUPTCY
Difficult market situation in the PWB (Printed Wiring Board) industry
has lead to very low loading in Aspocomp SAS in Evreux, France. Net
sales of Aspocomp SAS in 2001 were 41.4 million euros (71.0 million
euros in 2000) and its EBIT level loss was 23.9 million euros.
Radical improvement of the market situation can not be seen and the
forecasted loading for 2002 is also low.
The HDI capacity in the plant was built for the forecasted ramp-up of
the 3G infrastructure and estimated growth of the handset demand.
However, these markets did not develop as generally expected in 2001.
Based on the telecom industry estimates the weak market conditions
will continue also during the year 2002 and the forecasted growth
rates after 2002 are not on the level of 1999-2000 estimates.
In January 2002 it was decided to give a notice to approximately 200
persons in the French company. The personnel reductions were started
immediately and the number of personnel after the reductions will be
about 350. Even after this downsizing the plant will generate losses
in the foreseeable future. Aspocomp Group Oyj as the parent company
doesn’t see feasible possibilities to continue its financial support
to Aspocomp SAS and the filing of petition for bankruptcy was the
only business-wise reasonable option left.
The Group sales may decrease by about 15% as a consequence of the
possible closing of Aspocomp SAS and one-time write off’s from the
balance sheet may be 20-30 million euros. Forecasted cash flow
savings on the Group level in 2002 may be about 15-20 million euros
and the equity ratio without French subsidiary is estimated to be
close to the current good level of about 55 %.
For more information contact the President and CEO, Mr Jarmo Niemi by
telephone at +358 9 759 70711
ASPOCOMP GROUP Oyj
President and CEO
Press and Media