Aspocomp Group Oyj Denies Factory Closure Reports

Aspocomp Group Oyj has refuted reports circulating on Monday, July 5, 2001, suggesting the company intends to close four out of its five printed wiring board (PWB) factories in Finland. The company did confirm, however, that it has initiated personnel negotiations concerning the possible closure of its PWB factory in Espoo. These negotiations are expected to conclude no earlier than July 11, 2001.

Aspocomp Group's production facilities are located in Espoo, Salo, Klaukkala, Teuva, Padasjoki, and Oulu in Finland. The company also has production operations in Evreux, France. The earlier announcement on May 23, 2001, specifically addressed the situation at the Espoo plant.

The company has recently expanded its operations in Asia. On March 1, 2001, Aspocomp Group increased its ownership in the Thai PWB company P.C.B. Center (Thailand) Co., Ltd. to a majority of 51 percent. On January 5, the Group acquired a 51% interest in ACP Electronics Co., Ltd., a PWB manufacturer based in Suzhou, China.

This Chinese joint venture, in which Aspocomp acquired a stake at the beginning of 2001, involves approximately 35 million euros in investments from Aspocomp. The joint venture aims to establish a PWB plant utilizing HDI technology for telecommunications customers.