Singatronics quits Batam

Singatronics quits Batam

SINGAPORE (Reuter): Singatronics said yesterday that its wholly owned subsidiary, PT Singatronics Batam, will cease its contract manufacturing business in Batam, Indonesia.

It said in a statement the decision to close the loss-making operation resulted from rationalization of the group's contract manufacturing business.

Singatronics will concentrate its contract manufacturing business in its two existing plants in Singapore and Malaysia.

The closure of the Batam operation will result in an estimated one-time extraordinary loss of about S$4.92 million, it said. With immediate effect, there will be no further operating loss from the operation.

No other details were given.