1 Apr 2010 07:00
1 April, 2010
e2v technologies plc
Update on Restructuring
e2v technologies plc, the specialist developer and manufacturer of high technology components and sub-systems, today provides an update on its restructuring programme, following its last announcement on 1 March 2010.
Following the completion of employee consultations concerning e2v's Lincoln based operations, the implementation phase is now well underway. The overall timetable should see the transfer of all manufacturing activity to e2v's site in Chelmsford by December 2010, and the establishment of a Microwave Engineering Centre in Lincoln before September 2010. Contracts have now been signed for the sale of the existing site at a base price of £4.2m, which is payable in two instalments. The first instalment of £2.2m was paid on 31 March 2010 and the second will be paid during the fourth quarter of the financial year ending 31 March 2011. Beyond this, there is the potential for further payments associated with the commercial success of the property developer's project.
The formal consultation process for the proposed restructuring at the Grenoble facility has been concluded and we have now begun the implementation phase. During the latter part of March 2010, the labour relations climate significantly improved and, whilst some risk remains as we move through the implementation phase, the emphasis has shifted towards recovering overdue orders, meeting customer obligations and supporting the long term future of the facility.
e2v will be providing a trading update, for its financial year ended 31 March 2010, on 12 April 2010.
For further information:
| e2v technologies plc | Tel: +44 (0)1245 493493 |
| Keith Attwood/Charles Hindson | |
| www.e2v.com | |
|
Financial Dynamics |
Tel: +44 (0)20 7831 3113 |
| Jon Simmons/Susanne Yule |
NOTES FOR EDITORS
e2v
e2v's objective is to be a global leader in the design and supply of specialised components and sub-systems that enable the world's leading systems companies to deliver innovative solutions for medical & science, aerospace & defence, and commercial & industrial markets.
e2v is organised into four divisions:
·; High performance electron devices and subsystems for applications including defence electronic countermeasures, radiotherapy cancer treatment, radar systems, industrial heating, satellite communications amplifiers and digital television transmitters.
·; Advanced CCD and CMOS imaging sensors and cameras for applications including space, science and life science imaging, industrial process control, intra-oral and panoramic dental X-ray systems, military surveillance and automotive imaging.
·; Specialist Semiconductors - including logic, memory and microprocessors for high reliability microprocessor and MRAM requirements, in partnership with Freescale Semiconductor and Everspin, mission-critical avionics and defence programs requiring high reliability integrated circuits, high speed data converters and sensor data acquisition utilising mixed signal application specific devices.
·; A range of professional sensing products for applications including environmental safety, x-ray spectroscopy, automotive alarm and security systems, microwave radar and safety and arming devices, fire rescue and security thermal imaging.
For the year ended 31 March 2009, e2v achieved sales of £233m and is listed on the London Stock Exchange. In October 2008 e2v acquired QP semiconductor, a leading US-based designer and supplier of specialty semiconductor components used in military and aerospace applications, establishing e2v's first US manufacturing base.
The Company is headquartered in the United Kingdom and has approximately 1700 employees in six production facilities across Europe and North America. e2v also operates a global network of sales and technical support offices, supported by local distributors and resellers.
Further information is available from www.e2v.com