First in advanced PCBs Aspocomp

FIRST IN ADVANCED PCBS

Acquisition of a new plant at Teuva has helped boost results for Aspocomp, the Finnish specialist in the design and manufacture of high-tech PCBs. Felicity Landon reports.

Aspocomp’s half-year results for 2012 made for some positive reading, with net sales at €13.1 million, a 14 per cent increase compared to sales of €11.5 million in the first half of 2011.

The company, which provides services for the design and manufacture of high-tech PCBs, reaped the benefit of acquiring the business operations of the Cibo-Print factory in Teuva, a transaction completed at the start of this year – but it warned in its half-year statement that the outlook was far from clear.

“Aspocomp posted better performance in the second quarter of 2012 than in the first, despite the uncertain market conditions,” said CEO Sami Holopainen. “Net sales grew to €13.1 million following the acquisition of the Teuva plant. However, due to unstable demand, capacity utilisation was not at a desirable level. Operating profit amounted to €1.2 million, slightly over 9 per cent of net sales.”

Operational cash flow turned ‘clearly positive’ as the acquisition of the Teuva operations no longer increased the working capital during the second quarter of the year, said Mr Holopainen. “In operational terms, the integration of Teuva into Aspocomp has proceeded according to plans but the demand has not, as yet, enabled us to reach our profitability target.”

Number one producer

Aspocomp’s products are used in the electronics industry – for example, in telecommunications networks, the automotive sector and many types of industrial applications. The company is considered the number one producer of advanced PCBs in Europe, with the focus on HDI with multiple stacked or staggered build-up layers; high layer count multi-layers; RF applications; metal-back heatsink PCBs; and metal-core PCBs.

Founded in 1979 as Pohjois-Piiri Oy, the company became part of Aspo Oy in 1986 and moved to its factory in Oulu in 1992. In 1999 Aspocomp Group Oyj separated from the multi-business Aspo and was listed on the Helsinki Stock Exchange. In 2007, Aspocomp Oulu was registered as an independent company; two years later, it was granted ‘The Strongest in Finland’ certificate by the Finnish credit rating company Suomen Asiakastieto.

Aspocomp has chalked up many technical milestones throughout its history. In 1987,

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it made the world’s first Teflon PCBs and in 1996 it was one of the first companies worldwide to start laser PCB production. Aspocomp started microvia production in 1998 and introduced multi-layer PCBs of high-frequency laminates in 1999. In 2000, laser direct imaging (LDI) was introduced and heatsink PCB production started in 2002. In 2008, Aspocomp introduced the viafill process for stacked microvias.

Production at the 7,000m2 Oulu factory is optimised to provide short lead times and guarantee high quality for high-tech PCBs; process capabilities include CAM, inner layer imaging, inner layer etching, AOI, multi-layer lamination, drilling, laser drilling, plating, surface finish, electrical testing and process laboratory. The company also has production capacity in China.

Globalisation challenges

Aspocomp’s company’s history has inevitably reflected the difficulties within the European PCB industry, including the impact of globalisation of the electronics industry and the transfer from European to Asian manufacturing.

Appointed CEO in 2009, Mr Holpainen oversaw a major restructuring which delivered a tighter operation ready to take advantage of improving marketing conditions.

There remains a strong emphasis on R&D and the development of technical capabilities and production processes – as well as strong customer support and quick turnround. The company offers extremely fast prototype and small series deliveries from Oulu, and can also provide support in exceptional supply chain situations with very fast mid-volume deliveries. There is design support to ensure manufacturability and lowest total cost of ownership, and logistics are designed to fit the customer’s needs. The company has ISO 9001 and ISO 14001 accreditation.

The near-term market outlook still remains ‘murky’ and demand fluctuations are expected to continue, said the CEO. “However, we are keeping out full-year outlook unchanged; we expect that net sales will rise clearly and that the operating result will be at a good level with respect to the industry sector, but to fall significantly short of 2011.”

In the first-half 2012 results, Aspocomp said that its five largest customers accounted for 70 per cent of sales – compared to 81 per cent in the year before. In geographical terms, 95 per cent of net sales were generated in Europe and 5 per cent in Asia. “Net sales grew due to the acquisition of the Teuva plant, which also reduced the share of total net sales accounted for by the five largest customers.”

As Aspocomp’s business focuses on prototypes and quick-turn deliveries, it is difficult to forecast full-year net sales, said the company. “It is estimated that net sales will rise substantially in 2012 thanks to the acquisition of the business operations of Teuva. The operating profit is expected to be at a good level with respect to the industry sector, but to fall significantly short of 2011.” n