TT continues migration to China
Sensor and electronic component technology specialist TT electronics has reported that trading for the last quarter of 2009 was slightly ahead of expectations due to an improvement in group wide performance. Sales for the year were approximately 23% lower than 2008 with the 29% reduction reported at the half year.
In a trading update, the Weybridge, Surrey-based firm said it was continuing to implement the strategy it announced last year, restructuring the businesses in pursuit of an annual cost reduction of over £30 million. A warehousing and distribution facility remained at Glenrothes in Scotland but its manufacturing operation had been moved to the company's Welwyn Components facility in the north east of England. TT also announced the further transfer of manufacturing activities to China from the Erith, Kent-based UK plants of WT Henley and AB Electronics.
Looking ahead, TT said that although trading had been slightly ahead of expectations over the last quarter due to re-stocking by customers, the global economic uncertainty dictated that it remained cautious on the outlook for 2010.
