SMT Scharf AG restructures its subsidiary SMT Scharf Saar GmbH (Neunkirchen). To this end, SMT Scharf Saar GmbH filed an insolvency proceeding today. The Group's Managing Board intends to restructure and then continue the subsidiary via an insolvency plan. The subsidiary, which operates almost exclusively in Germany, was not able to compensate for a significant downturn in revenues in the third quarter of 2009 with short-term cost cuts. The company's contributions to consolidated revenues have already shrunk since the earthquake in February 2008 which made it a burden on the group's earnings since then.
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