The company announced this in a press release on Monday evening. The transaction is still subject to regulatory approvals and closing is expected by March 2025. The company 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 Korea, a spokesman told APA. AT&S expects a good 90 million euros in sales from the Ansan site for the current financial year.
Targets adjusted at AT&S
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 1.6 and 1.7 billion euros in the current 2024/25 financial year, after previously forecasting 1.7 to 1.8 billion euros. 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 3 billion euros, after previously forecasting around 3.1 billion euros. 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.
