Aspocomp sells Teuva PCB factory

Aspocomp Group's subsidiary Aspocomp Oy has announced it has sold the fixed assets and inventories related to the printed wiring board business of its Teuvafactory to Cibo-Print Oy. The whole personnel will be employed by Cibo-Print. Closure will take place at the beginning of September. Aspocomp Oy will become a shareholder of the company with a 19.1 % share. The Managing Director of Cibo-Print Oy is Mr. Sakari Varala.The divestiture of the printed wiring board business of the Teuva factory is part of the balancing process of the Aspocomp Group's PWB production capacity between the European and Asian factories. The production of the factories in China and Thailand is expected to grow remarkably during this year: the share of the Asian units of the PWB segment's net sales is estimated to be close to 45 % in the end of this year. At the end of the year 2002 their share was about 35 %.The sale of the Teuva printed wiring board business does not affect estimates of the Aspocomp Group for this year. Both the net sales and the EBIT during the latter half of the year 2003 are expected to be higher than during the first half without the non-recurring costs. Cash flow from operations is expected to be clearly positive.Source: PCBnewsline