LEM sells its High Current Systems Business

5/21/2003, 6:53 AM (Source: GlobeNewswire)

LEM is pleased to announce the sale of its High Current Systems
business to the existing management of the business unit. This MBO is
effective retroactively on 31 March 2003.

Headquartered near Columbus, Ohio, the High Current Systems business
produces products, systems and services to provide the electrical
information needed in electro-chemical applications such as Aluminum
smelting and Chlorine electrolysis to control, protect and optimise
those processes. LEM has been the leader in this niche market since
1988 and strengthened it by acquiring a company in 1992. The High
Current Business was part of the Business Area LEM Ventures and
contributed with sales of MCHF 6.5 in the financial year 2002/03.

LEM focuses on core businesses with high growth and profitability and
therefore it was decided to exit this business. The loss on this
divestment amounts to MCHF 1.6 and will be recorded in the financial
year 2002/03 as an exceptional loss on discontinued operations.

This transaction assures a transition for customers by providing them
with an organisation specifically geared and dedicated to serving
their needs.

Last year LEM initiated a restructuring programme aiming at
simplifications and cost reductions through simplified organisational
structures, rationalised product portfolios, focused business
portfolio and more flexibility in manufacturing through reduced
manufacturing depth. The sale of the High Current Systems business is
part of focusing LEM's business portfolio.

On 28 May 2003, the press release on the year-end results for the
financial year ended on 31 March 2003 will give further details of
this transaction. On 11 June 2003, a meeting with analysts will be
held in Zürich.

Geneva, 20 May 2003

The press release can be downloaded from the following link:
View document
Patrick De Bruyne
CEO
Phone +4122 706 1240 or +4179 200 2702
Email: pdb@lem.com

Kennerth Lundgren
CFO
Phone +4122 706 1220 or +4179 222 5518
Email: klu@lem.com

http://www.lem.com
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