NovaCast Technologies AB: SwePart in Tyringe Gives Notice of Dismissal and Begins Competence Development Program

STOCKHOLM, Sweden--Regulatory News:

NovaCast Technologies’ subsidiary SwePart Verktyg in Tyringe gives notice of dismissal to 25 employees of which 20 in production and 5 office workers. The notice is a preparatory measure to create balance between resources and demands from the automotive industry during 2009.

SwePart’s sales organization is currently working on several large potential die business deals with introductory production during the latter part of the year. There are also a number of possible deals for the near future. The current strain on prices is extremely high and many customers are forced to make non-rational decisions where price goes before such factors as quality and delivery assurance.

Parallel to the notices, SwePart will in consultation with local unions seek various ways of overcoming the probable downturn through competence development programs. The training will focus on development and training around the product mix change that SwePart is currently conducting. The aim is to create long-term competitive die production, among others by introducing the cost-effective Camito technology of refined tool and die products cast in one solid piece from their sister company, Camito Technology Center.

NovaCast Technologies, listed on the OMX Nordic Exchange (NCAS B), develops and markets enhanced castings for the production of car body parts, as well as software for methoding, simulating and process control for more efficient production processes to the global automotive industry and its subcontractors. With the Camito technology enhanced castings are manufactured in one solid piece for the production of dies for forming stamping automotive body components in a considerably shorter time than traditional dies. Through die manufacturer SwePart the group has expertise within the whole value chain for the production and sales of stamping dies.

More information is also available on www.novacast.se.

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