1st Apr 2009 07:00
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FOR IMMEDIATE RELEASE |
1 April 2009 |
Xaar plc
RATIONALISATION OF MANUFACTURING FACILITIES
100 NEW HIGH TECHNOLOGY JOBS TO BE CREATED IN THE UK
Xaar plc ("Xaar" or "the Company"), the inkjet printing technology group headquartered in Cambridge, can confirm that it will now proceed with the rationalisation of its manufacturing facilities.
As part of the proposed rationalisation, approximately 100 new jobs will be created at the Company's 'state of the art' Huntingdon plant over the period of the transfer.
Further to the disclosure of the proposal in the final results announcement on 23 March 2009, the period of consultation with the representatives of the workforce of approximately 130 at the Company's Swedish manufacturing facility in Järfälla, near Stockholm, has now ended. Accordingly, Xaar's Board has decided to proceed with rationalising its production of printheads by transferring manufacturing from the plant in Sweden to its facility in Huntingdon, near Cambridge, and the eventual closure of the Järfälla facility. The process is expected to take about two years to complete in a phased transfer to ensure minimal disruption to the business and continued availability of finished product.
As stated previously, the transfer is expected to achieve:
Ian Dinwoodie, Xaar's Chief Executive, commented:
"We plan to fund the relocation of our Swedish manufacturing activities to Huntingdon with a mix of cash generated from our operations and some external equipment finance. We aim to preserve our cash balances and strong balance sheet."
Ends
CONTACTS
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Xaar plc:
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01223-423663
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Ian Dinwoodie, Chief Executive
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www.xaar.com
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Andrew Taylor, Finance Director
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Bankside Consultants:
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Steve Liebmann or Simon Bloomfield
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020-7367-8883 / 07802-888159
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