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VA Technologie AG

euro adhoc: VA Technologie AG
VA TECH T&D - transformer location in Scotland to be closed (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Part of the restructuring plan for the adjustment of transformer
production capacity
Social plan for the 225 employees affected
Critical use of capacity and results situation as the cause
Following the expiry of a labour law consultation period and the
detailed examination of the situation and possible future options,
today’s meeting of the VA TECH Supervisory Board agreed to the
closure of the VA TECH T&D Division’s Peebles Transformers Ltd.
plant, which is based in Edinburgh, Scotland. The trade union
representatives on the VA TECH Supervisory Board voted against this
resolution.
For a considerable period of time, this plant has been confronted
with significant underuse of capacity and a related, critical results
situation. In addition, the generally depressed state of the European
transformer market has meant that, in spite of the initiation of
restructuring measures, no improvement has been achieved.
225 employees are affected by this closure and along with both them
and the trades unions, the management is drawing up a social plan.
Moreover, VA TECH T&D will ensure that the current order backlog will
be completed in full. 
VA TECH T&D is currently involved in a programme aimed at increasing
revenues and restructuring. The closure of the Scottish transformer
plant is part of a course of action agreed between the VA TECH
Managing and Supervisory Boards for an urgently needed, drastic
reduction in transformer production capacity.  The planned
restructuring costs will amount to EUR 65-70 m, whereby the Division
will be put in a position where it can achieve a clearly positive
overall result in 2005.
end of announcement        euro adhoc 29.09.2004

Further inquiry note:

Bettina Pepek
Press Officer
Tel: 0043 1 89 100 3400
bettina.pepek@vatech.at

Branche: Technology
ISIN: AT0000937453
WKN: 093745
Index: ATX, ATX Prime, WBI
Börsen: Wiener Börse AG / official dealing
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade

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