AT&S sells Korea business to Somacis for EUR 405 million

by time news

The Styrian printed circuit board manufacturer AT&S is selling its Korean subsidiary AT&S Korea and thus its plant in Ansan to the Italian technology company Somacis for a good 405 million euros. The company announced this in a press release on Monday evening. The transaction is still subject to official approvals, and closing is expected by March 2025. The company has revised its outlook for 2024/25 and 2026/27 downwards.

AT&S took over the plant in Ansan in 2006 and manufactured circuit boards for medical products such as pacemakers and hearing aids there. With the sale, the company is withdrawing completely from South Korea, a spokesman told APA. For the current financial year, AT&S expects a good 90 million euros in sales from the Ansan site.

AT&S has to adjust its targets due to the sale and the loss of sales. If the deal is completed, the company expects sales of between EUR 1.6 and 1.7 billion in the current 2024/25 financial year, after previously forecasting EUR 1.7 to 1.8 billion. The adjusted operating margin (EBITDA margin) is expected to be between 24 and 26 percent (previously: between 25 and 27 percent). For 2026/27, AT&S expects sales of around EUR 3 billion, after previously forecasting around EUR 3.1 billion. The EBITDA margin is expected to continue to settle between 27 and 32 percent.

“With the sale of the plant in Ansan, we want to further sharpen the strategic profile of the group,” said AT&S CFO Petra Preining, explaining the move. “We are convinced that the Ansan site will develop its full potential with the Italian technology company Somacis as the new owner and will continue on an attractive and high-growth path,” she was quoted as saying in the press release.

The Milan-based printed circuit board manufacturer Somacis employs more than 1,000 people worldwide. In addition to locations in Europe, the company is also active in the USA and Asia.

2024-09-23 16:33:32

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