Turnover for the Sulzer engineering concern of Winterthur fell 9.8 per cent in 2009 to SFr3.35 billion ($3.08 billion) compared with the previous year.
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The company, one of the oldest in Switzerland, added on Thursday that as a result of restructuring costs net profit sank by 16.3 per cent to SFr270.4 million.
Of its four divisions, only Sulzer Pumps made a profit, with turnover up 2.2 per cent. Sulzer Metco and Sulzer Chemtech both dropped by around a quarter and Sulzer Turbo Services by 7.1 per cent.
In its outlook for 2010, Sulzer said last month that “challenging market conditions” continued and order intake for the year was expected to be lower than in 2009. However, some markets were likely to stabilise.
The major Sulzer shareholder is Russian billionaire Viktor Vekselberg, whose Renova holding company has a stake of just over 30 per cent in Sulzer.
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Vekselberg backs eviction of Sulzer chairman
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The overwhelming vote by shareholders at the company’s annual general meeting on Wednesday follows a bitter stand off over the Russian billionaire’s secret stockpiling of Sulzer shares two years ago. Berg’s fate was sealed weeks ago when Vekselberg’s investment firm Renova, that owns nearly a third of Sulzer, publicly stated it would not be supporting…
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The Swiss Federal Banking Commission is investigating whether the Russian oligarch together with Austrian investors broke market rules by acquiring a large stake in the engineering group. Vekselberg’s private equity group Renova teamed up with Austrian company Victory Holding to suddenly snap up 32 per cent of Sulzer’s shares in a surprise raid in April.…
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Renova gained sole ownership of the 31.4 per cent majority Sulzer stake after Austrian private equity firm Victory pulled out of their jointly owned consortium Everest. Sulzer responded by calling for constructive talks with Renova owner, the Russian billionaire Viktor Vekselberg. “Sulzer would like to remain independent,” said spokeswomen Verena Gölkel. Renova’s stake in Sulzer…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.