October 16, 2018 / 4:41 AM / a month ago

BRIEF-Meyer Burger to cut around 100 jobs in revamp

Oct 16 (Reuters) - Meyer Burger Technology AG:

* SAYS MEYER BURGER LAUNCHES TRANSFORMATION PROGRAMME TO SAFEGUARD LONG-TERM PROFITABILITY

* SAYS REPOSITIONING STANDARD PV BUSINESS SOLUTIONS TO ASIA, MAINLY CHINA

* SAYS REALIGNMENT AND RELOCATION OF DIFFERENT FUNCTIONS AND A MORE EFFECTIVE ORGANISATIONAL STRUCTURE WILL RESULT IN AN OVERALL REDUCTION OF ABOUT 100 EMPLOYEES

* SAYS MEYER BURGER EXPECTS A POSITIVE EBITDA IMPACT OF ABOUT CHF 25 MILLION ON AN ANNUAL BASIS AS OF FISCAL YEAR 2021

* SAYS THREE QUARTERS OF THESE MEASURES ARE PLANNED TO BE IMPLEMENTED BY END OF 2019

* SAYS EXECUTION OF THIS ADDITIONAL PROGRAMME WILL RESULT IN ONE-TIME CASH RELATED EXPENSES OF ABOUT CHF 11 MILLION FOR PERSONNEL AND PRODUCT TRANSFERS AND IN PERSONNEL COSTS, OF WHICH CHF 4 MILLION WILL BE CHARGED TO FINANCIAL YEAR 2018

* SAYS UPON COMPLETION OF TRANSFORMATION PROGRAMME, MEYER BURGER EXPECTS ITS BREAKEVEN LEVEL AT NET EARNINGS TO BE REACHED WITH A NET SALES VOLUME OF ABOUT CHF 250 MILLION Source text for Eikon: Further company coverage: (Reporting By Zurich newsroom)

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