Steel manufacturer Schmolz+Bickenbach reports a first-half net loss of €149 million (SFr226.5 million) and is axing 350 more jobs as a result of the economic slump.
This content was published on
1 minute
The company, which made a net profit of €109 million in the comparable period last year, said sales were down by more than a half at €1.05 billion as customers ran down their stocks.
“The widespread drastic effects of the economic slump were made even more severe for our company by massive inventory reductions of our customers,” the company based near Lucerne said in a statement.
Schmolz+Bickenback, formerly Swiss Steel, said it was taking various steps to meet “a lower level of demand” caused by the economic slowdown. The 350 jobs will be cut this year and next. At the end of June the company had nearly 10,000 employees.
Despite the “exceptional and irregular market situation”, the firm provided a glimmer of hope in its outlook as orders during the past few weeks have been picking back up.
The share price fell sharply in the first half hour of trading on the Swiss stock exchange to SFr31.50 ($29.72), down nearly 19 per cent from Thursday’s close.
You can find an overview of ongoing debates with our journalists here. Please join us!
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.
Read more
More
Oerlikon slashes more jobs and fires CEO
This content was published on
The company said the decisions were taken after a first-half loss of SFr99 million ($93.2 million), compared with a loss of SFr313 million over the same period in 2008. Sales were down by 40 per cent to SFr1.428 billion. Oerlikon, which makes a range of products from coating used in Formula One racing cars to…
This content was published on
Oil prices this year have shot to well over $100 (SFr102.5) a barrel – and could reach $200 by the end of the year, according to some experts – placing a great strain on industrial output and contributing to rising inflation. The challenge of spiralling energy costs was the theme of this year’s Industry Day…
This content was published on
At an extraordinary general meeting in Zurich on Monday, shareholders elected four additional board members, all nominated by the minority shareholder group. The vote gives the von Finck family, which owns a 31 per cent stake in Von Roll, five out of a total of nine seats on the board compared with the current one…
This content was published on
The exhibition at the art centre in Langenthal provides insight into industrial Switzerland in the 20th century. “Industriebild Langenthal” (A picture of industry in Langenthal) includes a selection of images from local photographer Josef Gschwend (1858-1939), taken from the archives of the Ammann companies. The exhibition runs until June 29, 2008.
You can find an overview of ongoing debates with our journalists here. Please join us!
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.