Skanditek’s subsidiary MYDATA gives notice of redundancy affecting 24 employees

Skanditek’s subsidiary MYDATA gives notice of redundancy affecting 24 employees, see attached press release from MYDATA automation AB or www.mydata.com.

Stockholm, November 5, 2008

SKANDITEK INDUSTRIFÖRVALTNING AB (publ)


For more information, please contact:

Patrik Tigerschiöld, CEO,
phone +46-8-614 00 20, email patrik.tigerschiold@skanditek.se



Press release

MYDATA automation gives notice of redundancy affecting 24 employees in Sweden.

Bromma, Sverige, 5 november 2008

MYDATA automation AB is today giving notice affecting 24 employees in Sweden.

The global market for surface mount equipment has been weak for a period of time. The financial turmoil has escalated the downturn and it is right now difficult to assess the future market development. The negative trends have had an impact on MYDATA sales, but our overall sales development has been stronger than the market thanks to our new product platforms – the MY100-series and the MY500-series.

“Our position is strong and we believe we can continue to serve the market well in the future. The actions we are taking now are to adjust our cost level to reflect the current market situation. In the coming process we will thoroughly evaluate our need for core competences and make sure we have the ability to ramp up the production quickly when we see that the market stabilizes” says Bengt Broman, CEO of MYDATA.

Notice of redundancy is affecting in total 24 out of 200 employees in Sweden. The given notice will have a limited impact on ongoing strategic product development projects and will adjust the production capacity to expected sales volumes. In addition to the notice the company has introduced a general OPEX reduction program. The latter program will give full effect from the first quarter 2009.

Information and negotiations with the local trade unions have started. All employees in Sweden have been informed.

Bengt Broman
MYDATA automation AB
Box 20155
161 02 STOCKHOLM/BROMMA
SWEDEN
Tel: +46-8-4755500
Fax: +46-8-4755501
bengt.broman@mydata.se