The Swiss industrial baker, Hiestand, has seen its turnover increase by nearly one half in 2001, mainly due to new acquisitions.This content was published on January 31, 2002 - 10:03
Sales reached SFr290.1 million ($169.85 million), up 45.1 per cent. New acquisitions accounted for most of the rise, since the increase is only 13 per cent without them.
Overall profits for last year are not expected to reflect the sales figures. Hiestand's final numbers will take into account the costs related to the company's expansion.
The baker's withdrawal from the American market, as well as the restructuring of its Austrian operations, will also have an impact.
Switzerland, the company's main market along with Germany, saw an increase in turnover of nearly 10 per cent to SFr118.6 million, thanks mainly to a rise in sales in service stations.
German sales more than doubled in 2001, reaching SFr111.4 million after the purchase of Suhr Produkt Systeme. Turnover in Poland almost tripled to SFr20.1 million due to the takeover of the local subsidiary of the French group, Fleury Michon, and internal growth.
Austrian sales increased 136 per cent to reach SFr4.2 million, while in Britain turnover was up three quarters to SFr5.8 million. The Japanese market was less of a success, dropping 0.2 per cent.
Hiestand expects sales to continue growing by up to 15 per cent this year. The company makes and sells frozen bakery products, employing 450 people in Switzerland.
swissinfo with agencies
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