Feintool impacted by current developments
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ The major upheavals in the automotive industry have called forfar-reaching measures at Feintool. The company is positioning itselffor lower production volumes in the medium term. For the 2008/09financial year, it expects a negative operating result (EBIT) duemainly to extraordinary expenses. Feintool is confident about theupcoming 2009/10 financial year.In the wake of the financial crisis, automotive production around theworld has collapsed. Some of the sub-markets have plunged by up to 50percent. In the US, Japan and Europe, the crisis was only alleviatedthanks to government support measures.The difficult economic situation has also been reflected in thefinancial results of the Feintool Group. As a leader infineblanking/forming systems and assembly automation, as well as aglobal supplier of fineblanked metal components to the automotiveindustry, Feintool suffered a considerable fall in sales in the2008/09 financial year of up to 35 percent. Had it not been for thehigh level of orders in hand from the previous year, the situationwould have been even more drastic.Financial outlookThe company's net sales for the 2008/09 financial year will be around35 percent down on the outstanding level of the previous year.Whereas operating profit (EBIT) will be in the region of CHF -55 to-60 million for the year ended 30 September 2009, the net deficit ofbetween CHF 65 and 70 million does include one-time expenses.Worldwide, Feintool will have shed around 450 jobs by the end of thecalendar year.The definitive sales figures for the 2008/09 financial year will bepublished on 27 October and all other detailed financial data at theannual media conference on 8 December 2009.The indications over recent months are that System Parts willcontinue to develop positively in the first quarter of 2009/10. Inthe investment goods area (Fineblanking Technology and Automationsegments), a market revival is expected towards the end of the secondquarter of 2009/10.Joint Venture with BorgWarnerThe economic crisis means that the joint venture agreement signedlast September between US automotive supply group BorgWarner and theFeintool Group, relating to joint activities on the North Americanautomotive market, cannot now proceed as planned. Indeed allactivities have had to be halted due to the dramatic development onthat market. The Feintool Group no longer believes that medium-termdevelopments on the market in question offer the potential for aresumption of joint activities. Due to the short time that elapsedbetween the signing of the joint venture agreement and the start ofthe economic crisis, no significant investments were made.Group's medium-term financing is secureOn 22 September 2009, to ensure the financing of its operations -and, in particular, investment over the next few years - Feintoolsigned a CHF 120 million global credit agreement covering the periodto 2012. The global credit line also offers sufficient scope for theplanned growth. With shareholders' equity of CHF 154.8 million (as at31 March 2009) and an equity ratio of around 38 percent, thiscontinues to represent a solid financial base.Merger in Automation segmentExtensive parts of the business were affected by short-time workingthroughout the financial year. Feintool also optimized its businessareas and sites. Following the decision to close Mühlemann AG, thenext move of the Board of Directors will be to merge two subsidiarieswithin the Automation segment.IMA Automation Aarberg AG and Afag Automation AG in Huttwil (both inSwitzerland) are to be combined. In future, Afag Automation AG inHuttwil will become responsible for marketing and client support forIMA automation systems with sales and servicing in Switzerland.The production of automation systems in Aarberg is to end due toinadequate competitiveness and a slump in orders; the site will beclosed at the end of January 2010. Despite the merger, job reductionswill probably be unavoidable. The Group Management has launched aconsultation process and employees have been informed. Together withstaff representatives, a redundancy scheme is being drawn up for the28 employees affected. As for the nine apprentices, Feintool will doall in its power to find a solution that enables them to continuetheir training.Personnel decisions taken by Board of DirectorsAt its extraordinary meeting on 21 September 2009, the Board ofDirectors took the following personnel decisions:Alexander von Witzleben to concentrate on chairmanshipSince 1 April 2009, Chairman of the Feintool Board of DirectorsAlexander von Witzleben has performed the additional role of actingDelegate and Chief Executive Officer (CEO). From 1 October 2009, thefocal point of his activities will once again be the strategicdirection of the Feintool Group and his role as Chairman.Head of System Parts Heinz Loosli to be new CEOThe Board of Directors has appointed Heinz Loosli, Head of SystemsParts, as new CEO effective 1 October 2009. The 55-year-old, whoholds an HTL degree in electrical engineering, has been with theFeintool Group for more than 13 years. Born in Solothurn, he wasfirst appointed Head of the "Presses and Systems" division, followingwhich he successfully managed the parts business. As CEO, he willcontinue to head up the System Parts segment. The Board of Directorsis delighted that Heinz Loosli, a proven industry expert with manyyears of Feintool expertise, is taking on this role.Thomas Bögli is new CFOIn summer 2009, moreover, former Chief Financial Officer (CFO) JürgE. Wenger informed the Chairman of the Board of Directors that he wasplanning a new career move and wished to take up a new challenge. Atits 21 September meeting, the Board of Directors accepted the earlytermination of his contract and appointed Thomas Bögli as hissuccessor as CFO effective 1 October 2009. An experienced businessadministrator who has held various management positions withprestigious listed companies, his most recent role was as CFO withthe Nobel Biocare Group - a position he occupied for around fouryears.Further information may be obtained from media spokesperson KarinLabhart at any time by calling +41 (0)32 387 51 63 or e-mailingkarin.labhart(at)feintool.com.Feintool International Holding AGIndustriering 8, CH-3250 LyssPhone +41 (0)32 387 51 11Fax +41 (0)32 387 57 81feintool-fim(at)feintool.comwww.feintool.comThe media release can be downloaded from the following link:http://hugin.info/100443/R/1342689/321476.pdf --- End of Message ---Feintool International HoldingIndustriering 8 Lyss SchweizWKN: 905428; ISIN: CH0009320091 ; Index: SPI, SPIEX, SSCI;Listed: Main Market in SIX Swiss Exchange;
Datum: 22.09.2009 - 07:00 Uhr
Sprache: Deutsch
News-ID 6041
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 414 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Feintool impacted by current developments"
steht unter der journalistisch-redaktionellen Verantwortung von
Feintool International Holding (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
