Uster will continue to strengthen its market position

31 Mar '10

2 min read

The Annual General Meeting of Uster Technologies Ltd held on March 30, 2010 passed all motions proposed by the Board of Directors. The shareholders approved the annual report, the annual financial statements and the consolidated financial statements 2009 and decided to carry forward the available balance for 2009 to the 2010 account.

Furthermore, the assembly created authorized capital in the amount of up to CHF 17,860,000 for the issuance of no more than 1,900,000 registered shares with a nominal value of CHF 9.40 each. The authorization to increase the Company's share capital will expire on March 30, 2012. Max- Ulrich Zellweger and Dr. Geoffrey Scott were re-elected to the Board of Directors for a term of three years.

Following the strong endorsement of the Company's leading market position by the new strategic investor Toyota Industries Corporation last November, the assembly appointed Akira Onishi, Head of Textile Machinery Division and Corporate Planning Office Toyota Industries Corporation, as a new member of the Board of Directors. Dr. Beat E. Lüthi, present vice chairman of the Board of Directors, resigned as per today's general meeting due to a refocusing of his business activities.

During his presentation Dr Geoffrey Scott, CEO of Uster Technologies Ltd, stated: “As of the second half of 2009, we have seen an improvement of the market environment and an upturn in demand for quality measurement and certification products for the textile industry. In addition, conditions of credit and trade financing for our customers have improved as well.

These factors have led to a definite increased momentum in orders. As a consequence, we have stopped the short-time working program and resumed working at 100% in Uster since the beginning of this year. Looking forward, Uster Technologies Ltd will continue to strengthen its market position by continuing its high investments in product and market development.

A special focus in 2010 will be on taking advantage of synergies and joint technology developments offered by the partnership with Toyota Industries Corporation. Both companies, Uster Technologies Ltd and the Textile Machinery Division of Toyota, have leading market positions and a combined product portfolio that offers broad coverage of many stages in the textile manufacturing process.”

Uster Technologies Ltd

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