UET United Electronic Technology AG completes restructuring process for production site in Osterode

• Enhancement of competitiveness
• Further development of UET’s business unit MANUFACTURING
• Closing-down of production in Osterode and relocation to new business premises

UET United Electronic Technology AG (ISIN: DE000A0LBKW6), Eschborn, announces, that the restructuring project, which included the close down of the production site of Letron electronic GmbH’s in Osterode has been completed successfully. The project had been started in October 2012.

Letron’s customers were informed and closely involved in the process from an early stage on. The closing-down became necessary to improve Letron’s structure and its competitiveness. Over the past years Letron had consecutively generated losses. The Personnel was reduced by 37 employees. A redundancy plan including a reconciliation of interests has been implemented.

Already for the fourth quarter of the fiscal year 2013 Letron expects to show positive results.

In the future, Letron will focus on customer support and project management in order to aim for profitable growth. Since October 2013 production is provided by other manufacturing sites within the UET group, mainly by the site in Hartmannsdorf, Saxony.

An amount of 2,5mn EUR has been invested in new technologies, machinery and process improvements. Letron’s relocation to its new business premises is already completed. Letron resides from now on at An der Leege 22, Osterode.

The group companies Letron and NewTal, which represent the MANUFACTURING unit of the UET Group, continue to be part of UET’s core business area and will be developed on a long-term basis.