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Restructuring at textile machinery company SwissTex
17
Mar '12
SwissTex Winterthur informs that the high price pressure with the intensified competition in all important markets, additionally strengthened by the dramatic course decay of the most important sale currencies Euros and US dollar to Swiss Franc, led in the last months to a substantial break-down of our yields. Many-month delays in deliveries and start-up of two large-scale projects loaded the yield and liquidity situation additionally.

Our enterprise suffered despite large efforts toward the reduction of costs and efficiency improvement in the past financial year a very high loss and is therefore as direct consequence in an acute Liquidity situation.

Board of directors and management do not see a possibility, to lead the enterprise at the location Winterthur in the current structure under the given economic basic conditions, in particular with the current exchange rate of the Swiss Franc in relation to the Euro. With a profound restructuring and concentration on some few margin-strong activities the enterprise is to be reorganized financially and led further.

In the course of this restructuring SwissTex Winterthur AG informed on Wednesday its coworkers about the presumably necessary personnel reduction. This concerns presumably about 80 of the 91 today employed coworkers. Board of directors and management will meet all necessary measures together with the working population and the competent national authorities, in order to limit the number of the notices to moderate the consequences for the working population and to support it in particular where needed.

SwissTex Winterthur AG

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