VAT ends short time work due to increased demand for Advanced Industrials products and to prepare for future growth

VAT Group announced today that it will end the current short time work scheme for about 650 production employees at its two manufacturing facilities in Haag, Switzerland effective December 1, 2023. The program was initially approved by the Canton of St. Gallen’s Office for Economy and Labor for a period of three months from June until the end of August 2023. It was then extended by another three months until the end of November 2023.

The end of the short time work scheme is driven by strong demand in the Advanced Industrials business unit. demand in the Semiconductor business unit and the Global Service segment have stabilized but visibility remains low driven by weak consumer and industrial spending and the uncertainty surrounding the exports of equipment into China. We expect this situation to persist into the first half of 2024 but continue to be optimistic about future growth prospects.

This decision will also allow VAT to ready its production and supply chain capabilities for the expected upcycle, including readiness of new product families and also to drive efficiency programs such as the introduction of a new ERP system in its factories in Switzerland in summer 2024.

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ABOUT VAT
We change the world with vacuum solutions – that is our purpose as the world’s leading supplier of high-end vacuum valves. The Group reports in two segments: Valves and Global Service. The Valves segment is a global developer, manufacturer and supplier of vacuum valves for the semiconductor, displays, photovoltaics and vacuum coating industries as well as for the industrial and research sector. Global Service provides local expert support to customers and offers genuine spare parts, repairs and upgrades. VAT reported net sales of CHF 1,145 million in 2022 and employs some 3,000 people worldwide, with representatives in 29 countries and manufacturing sites in Switzerland, Malaysia, and Romania.

FORWARD-LOOKING STATEMENT
Forward-looking statements contained herein are qualified in their entirety as there are certain factors that could cause results to differ materially from those anticipated. Any statements contained herein that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should be considered to be forward-looking statements. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the company to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the company’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the performance, security and reliability of the company’s information technology systems, political, economic and regulatory changes in the countries in which the company operates or in economic or technological trends or conditions. As a result, investors are cautioned not to place undue reliance on such forward-looking statements.

Except as otherwise required by law, VAT disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this report.