NORWICH, England, December 19 /PRNewswire/ --
- Less Than Half a Year Under New Ownership, Turnover for 2007 Expected to Increase by 34% on an Annual Basis
- Well Positioned for 2008 Thanks to Boosted Incoming Orders
- ATB CEO Christian Schmidt: "Turnaround is Truly Outstanding and was Achieved in far Shorter Time Than Originally Estimated"
Less than half a year under new ownership, the engineering company ATB Laurence Scott is well on track to achieve its former success. According to preliminary figures for the year 2007, the company expects to increase its turnover by 34% to GBP 18 mill. With an impressive flow of orders solid growth is set for 2008.
Since finalising the acquisition in June this year, Laurence Scott has been integrated in the international network of ATB's operations. The company broke even in the second half of 2007 and is now working on higher productivity in order to achieve a sustainable profit level. "We are glad to report that Laurence Scott is now fully stable and is back as a serious player in the market and channels they serve, continuing to strengthen its competitive position", said Christian Schmidt, CEO of ATB: "ATB Laurence Scott's turnaround is truly outstanding and was achieved in far shorter a time than originally estimated."
ATB took over Laurence Scott in June 2007 through its UK subsidiary ATB Morley. Since then, they have primarily focused on restructuring factory operations in order to increase productivity and production output. The in-depth restructuring process was successfully managed with far fewer job reductions than expected. Nearly half of the 80 jobs that were initially identified as being in danger were saved.
The recovery of Laurence Scott has had a positive impact on the region. MP for Norwich South, the RH Charles Clarke, said: "I am delighted that Laurence Scott has made such a remarkable recovery, which I am sure will go from strength to strength. We will continue to offer our support and guidance on the way forward."
As part of ATB, Laurence Scott is fully complementary to the company's other operations in the oil and gas, nuclear power plant and desalination markets. It has proven to be the perfect match for ATB's German sister company Schorch. ATB's position in the UK, a key market for the company, was further strengthened through the acquisition of Stockport based electric motor business David McClure in July 2007. David McClure is already showing positive signs of recovery and ATB has great hopes that it can follow in the steps of ATB Laurence Scott.
Founded in 1883, ATB Laurence Scott is based in Norwich, UK. The company develops and manufactures top of the range high voltage electric motors, principally for the oil and gas industry. The company's unique products have made it a world leader in its niche markets.
About ATB Austria Antriebstechnik AG
The Vienna-listed ATB Austria Antriebstechnik Group, headquartered in Vienna, Austria, is one of the world's leading manufacturers of electrical drive systems for industrial applications and appliances. Its subsidiaries are: ATB Antriebstechnik, Welzheim, Germany; ATB Motorentechnik, Nordenham, Germany; ATB Technologies, Lustenau, Austria; ATB Components, Ostrava, Czech Republic; ATB Selni, Nevers, France; ATB Morley, Leeds, UK; ATB Sever, Subotica, Serbia; ATB Motors, Shanghai, China; and Lindeteves-Jacoberg Ltd., Singapore. For more information, see http://www.atb-motors.com.
About A-TEC Industries
Vienna-listed and based A-TEC Industries AG is an international industrial group with flourishing drive systems, plant engineering, machine tools and metallurgy divisions. The group currently employs around 13,500 people, and expects to achieve a turnover of more than EUR 2 billion (GBP 1.43 billion) in 2007.
Media Contact: Oliver Mann Mobile: +44-(0)-788-7843768 Email: oliver.mann@cnc-communications.com
Media Contact: Oliver Mann, Mobile: +44-(0)788-7843768, Email: oliver.mann@cnc-communications.com
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