STOCKHOLM, Sweden, Sept. 20, 2002 (PRIMEZONE) -- PartnerTech (Stockholm:PART) is incorporating its Ljungby business with other units in the group. Meanwhile, the company is divesting its remaining Ljungby operations, electrical cubicle assembly and spare parts sales, to Horberg Petersson AB.
PartnerTech Ljungby AB specializes in the assembly of electronic equipment, the installation of cubicles and testing equipment. As part of rendering the group more cost-effective, PartnerTech is integrating its Swedish units into a handful of strong centers.
In the words of PartnerTech president Mikael Jonson: "Some of Ljungby's production will be transferred to other PartnerTech units. The remaining operations, which we are divesting now, are performing well, they have good customers and employees. With the new ownership structure, the company will play a vital role in the Ljungby area."
Including non-recurring costs and goodwill amortization, the divestment is expected to generate a capital loss of some SEK 1 million. However, the overall changes should have a positive impact on earnings per share.
PartnerTech AB develops and manufactures electronics products under contract for leading growth companies, primarily in the telecom infrastructure, IT/mechatronics and medical technology segments. The company, which has some 1,150 employees in Sweden and abroad, is quoted on the O list of the Stockholm Stock Exchange. Please visit www.partnertech.se.
For additional information call:
Mikael Jonson, President, PartnerTech AB, +46 (0)70 678 1001
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
www.waymaker.net/bitonline/2002/09/20/20020920BIT00200/wkr0001.doc www.waymaker.net/bitonline/2002/09/20/20020920BIT00200/wkr0002.pdf