As the company warned last week (CI No 921), Crystalate Holdings Plc has announced a sharp fall in its mid-term profits (see Company Results, alongside). Crystalate, where Lord (Patrick) Jenkin is now chairman, blames the need for further rationalisation at its Besson subsidiary plus poor performance from two divisions for the poor figures. The company is confident of achieving a satisfactory profit at Besson but has decided to close the network manufacturing segment of its MicroCircuits division in Welwyn. This segment has been suffering serious financial difficulties – partly, the company says, due to defective materials from an outside supplier. It is also seeking a purchaser for its problem area, the flexible circuit boards manufacturing division. The cuts and closures led to a UKP3.4m extraordinary loss for the period.
CRYSTALATE DECIDES TO CLOSE NETWORK MANUFACTURING, SELL FLEXIBLE CIRCUITS
