Ascom wins Canada deal
The struggling Swiss technology group, Ascom, has won a contract from the transport authorities in Montreal, Canada, worth SFr67 million ($49.5 million).
The deal comes just two weeks after the debt-laden company shed two underperforming assets in a bid to cut costs.
Niche player
In March, Ascom said it aimed to become a niche player in transport revenue collection systems, as well as in the wireless and security sectors.
Switzerland’s one time leading telecommunications equipment maker is halving in size to focus on its new strategy.
In 2002, it posted net losses of SFr281 million – a 30 per cent improvement on the previous year’s SFr396 million loss. Ascom also managed to reduce its net debt by 58 per cent to SFr264 million.
The Bern-based company said it planned to further reduce its losses in 2003.
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