On February 25, 2025, the Supervisory Board of AT&S (VIE: ATS), the Austrian leader in the printed circuit board (PCB) industry, announced the appointment of Dr. Michael Mertin as the new Chief Executive Officer (CEO) of the company, effective May 1, 2025. This decision was made during their meeting held on the same day, and Mertin is set to lead the company for the next three years.

Mertin brings with him a wealth of experience from his previous roles, including his tenure as CEO of Jenoptik AG from 2007 to 2017, where he led the company through a significant period of growth. Under his leadership, Jenoptik's revenue grew by 35%, reaching 670 million euros. Most recently, Mertin served as the head of Spectaris, a German industrial association representing optics, photonics, and medical technology, and he also holds various advisory roles, including as Chairman of the Fraunhofer Institute for Applied Optics and Precision Mechanics.

Mertin will succeed Andreas Gerstenmayer, who unexpectedly stepped down from his position as CEO in September 2024. Gerstenmayer's departure marked a significant change at the helm of AT&S, a company currently grappling with a weak market environment, excess capacity, and price pressures, which have led to a loss of 95.3 million euros for the first three quarters of the 2024/25 fiscal year.

In addition to Mertin's appointment, AT&S has recently completed a significant business move—selling its subsidiary, AT&S Korea, to Italian company Somacis for 405 million euros (approximately 3 billion RMB). This sale includes the FPC (flexible printed circuit) production facility in Ansan, South Korea, and was finalized on January 31, 2025. The transaction is expected to bring in a net inflow of 386 million euros (approximately 2.9 billion RMB) after taxes, significantly reducing the company's net debt and improving its financial position. AT&S had originally acquired the Ansan facility in 2006 and had announced plans to sell it in May 2024 due to market conditions. The Ansan facility, which primarily served the medical, automotive, and industrial sectors, recorded a revenue of 76 million euros in 2023, with an EBITDA of 38 million euros.

The divestment is part of AT&S's broader strategy to streamline its operations and focus on its core business areas, including its role in high-tech sectors such as automotive and medical electronics. The company has already established a new office in Seoul, South Korea, to continue supporting its operations and customer base in the region.

Looking forward, AT&S is focused on strengthening its leadership position in the global PCB market, with Mertin's leadership expected to play a key role in navigating the challenges ahead, particularly in the face of ongoing market weaknesses and price pressures.