1 Mar 2010 07:00
1 March, 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 and the Group's trading outlook for the year ending 31 March 2010.
Consultations associated with the closure of the Lincoln site, the establishment of an engineering centre and the transfer of manufacturing operations to the Group's Chelmsford facility, have been concluded in line with management plans. Implementation is now underway.
The consultation process for the proposed restructuring at the Grenoble facility has continued, though in an environment of significant industrial disruption. The timing of this continuing industrial action in the lead up to our financial year end, combined with manufacturing process lead times, is materially restricting output and management anticipate an adverse impact on turnover in the current quarter of c£7m, with a significant reduction in group profitability.
Clearly, management is closely focused on managing customer relationships in this difficult period, including schedule management, to minimise disruption to the Group's customers.
The overall restructuring programme continues to be subject to close management attention and further updates will follow in due course.
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