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The Board of Directors of Scanfil Sweden AB has decided to sell the entire share capital of its subsidiary PartnerTech Karlskoga AB, located in Karlskoga, Sweden, for a nominal selling price. According to the agreement signed by the parties, closing of the transaction is subject to certain usual pre-conditions which are expected to be met during the next few weeks. The transaction will result in a non-recurring loss of approximately EUR 5 million for the Scanfil Group and reduce group net debt by approximately EUR 2 million, which will be posted in the second quarter of 2016.
PartnerTech Karlskoga AB manufactures machined products for the defense, maritime and offshore sectors. Turnover of PartnerTech Karlskoga AB in 2015 was EUR 15.4 million and operating loss EUR 1.3 million.
PartnerTech AB Kalskoga, PartnerTech Aerodyn AB (Karlskoga, Sweden) and PartnerTech AS (Moss, Norway) formed the PartnerTech Metal Precision business segment. Scanfil announced in January 2016 to discontinue Partner Tech AS's activities. The operations of the plant will be closed down in May 2016. Aerodyn AB was sold in April 2016. After the sale of PartnerTech Karlskoga AB the restructuring of entire Metal Precision business has been completed. The turnover of Metal Precision business in 2015 totaled EUR 25.0 million and operating loss EUR 6.1 million.
Scanfil is an international contract manufacturer and system supplier for the electronics industry with 40 years of experience in demanding contract manufacturing. Scanfil provides its customers with an extensive array of services, ranging from product design to product manufacturing, material procurement and logistics solutions. Vertically integrated production and a comprehensive supply chain are the foundation of Scanfil’s competitive advantages: speed, flexibility and reliability.