VAT extends short time work for its production employees in Haag Mittwoch, 19. Dezember 2018 - 07:00

VAT Group today announced that it will extend the current short time work scheme for about 400 production employees at VAT Vakuumventile AG.

The move reflects persistent soft market conditions, especially in semiconductor equipment. The corresponding request has been granted by the Canton of St. Gallen’s Office for Economy and Labor and is valid from January 1, 2019 to March 31, 2019. VAT’s welded bellow business at Comvat AG is not impacted by short time work.

As previously communicated, VAT is confronted with a market correction due to the significant capacity additions by the semiconductor companies during 2017 and the beginning of 2018 that need to be digested. VAT expects continued growth in its General Vacuum and Global Service business, while the semiconductor and display activities are suffering from push-outs of larger fab expansions to later dates.

VAT is convinced that its fundamental growth drivers, such as digitalization, the Internet of Things, autonomous vehicles, etc., remain in place and therefore its markets to regain a healthy growth trajectory.

The extension of the short time work program confirms VAT’s commitment to its highly qualified employees in preparation for a return to healthier growth rates expected in the future and it is VAT’s ambition to stop short time work as soon as possible.