VELLINGE, SWEDEN -- Top 40 electronics manufacturing services firm PartnerTech reported fourth-quarter net sales of SEK 556.1 million ($77.4 million), down 14.6% from a year ago. 

Separately, the company named Leif Thorwaldsson president and CEO, replacing Rune Glavare.

The company, which ranked 31st on the CIRCUITS ASSEMBLY Top 50, to be published next month, reported an operating profit of SEK 1.5 million, down 92.3%. The net loss was SEK 4.7 million ($654,000), down from a profit of $6.6 million. Cash flow after investments was up 37% to SEK 31.3 million.

For the year, net sales were SEK 2.15 billion ($299 million), down 15% year-over-year. The operating loss was SEK 3.5 million, while the after-tax loss was SEK 21.5 million. Cash flow after investments was SEK 26.6 million. 

Thorwaldsson was manager of the Solid Wood business of Swedwood AB. He replaces Glavare, who headed PartnerTech for 2-1/2 years.

 

 

Ed.: 1 SEK = 0.139047 USD