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Closure of the Watches and Jewelry Division

Neuchâtel, 10 February 2010 - Metalor Technologies SA is going to close its Watches and Jewelry division.

Following a considerable slowing down of the watch and jewelry business during 2009 together with the structural effect of the internalization of a major part of the production of some brands and groups, the Board of Directors of Metalor Technologies International SA has taken the decision to stop the activities of the Watches and Jewelry division in 2010. Up to now, a potential buyer who would like to take over the business, either partially or totally, has not been found.

Metalor will now concentrate on the development of its activities which are flourishing: Refining, Advanced Coatings and Electrotechnics.

Metalor intends to lay off 110 employees at Neuchâtel. The other divisions are not concerned by these measures. Metalor will continue to employ around 300 people between the Neuchâtel and Marin sites after the closure of the Watches and Jewelry division.

The management is currently in discussions with the Trade Union and the Union “Unia” in the aim of coming to an agreement on a severance plan for all concerned by this closure.

The departures will either be in the form of natural departures, retirements or redundancies.

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