Georg Fischer AG
GF Automotive transfers production from Canada to China
Georg Fischer AG / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Schaffhausen, 24 February 2009, 7:00 a.m., Ad hoc GF Automotive transfers production from Canada to China GF Automotive, a Corporate Group of Georg Fischer Ltd, Schaffhausen, Switzerland, will shift the bulk of its pressure casting operations from its site in Montreal, Canada to its light-metal foundry in Suzhou, China. GF Automotive will thus cease operation in the NAFTA region by July 2009. GF Automotive products for the NAFTA area will in the future be manufactured in China. The 60 employees will be gradually released as a result of this transfer. The transfer will be so organised as to avoid any supply interruption for our customers. The decision has been motivated by the sharp deterioration of economic conditions in North America in recent months and is in line with the review of all GF Automotive sites announced by Georg Fischer in November 2008. The transfer will not result in any major charge to the 2009 financial statements. A small portion of the operations for which customers request local production will in future be carried out with local partners. The foundry in Canada produces pressure-cast light-metal components for the automotive industry and other industrial segments and generated sales of about CHF 10 million in 2008. The automotive industry accounts for about three quarters of the total. Owing to the plant's subcritical mass as a result of the steep fall in new orders, it is no longer possible to run the Montreal facility cost-effectively. The shift of the most important operations to the modern light-metal foundry in Suzhou is yet another measure taken by Georg Fischer swiftly to adjust to the tougher economic situations and thereby cut its costs. __________________________________________________________________________ Corporate Profile Georg Fischer - 'Adding Quality to People's Lives' Georg Fischer is focused on its three core businesses GF Piping Systems, GF Automotive and GF AgieCharmilles. Founded in 1802, the company is headquartered in Schaffhausen, Switzerland, and has over 140 locations worldwide including 50 production facilities. With some 14,000 employees, it generated annual sales of 4.5 billion Swiss francs in 2008. The Corporation makes a direct contribution to the quality of life: Comfort, mobility and precision are key market requirements that we satisfy with our products and services. You'll find further information under www.georgfischer.com. You can register for our subscription service for journalists at www.georgfischer.com/subscriptionservice. You will then automatically receive our latest Media Releases or the regular Top Stories from Georg Fischer by e-mail. Georg Fischer Ltd, 8201 Schaffhausen/Schweiz Phone +41 (0) 52 631 26 97, Fax +41 (0) 52 631 28 63 __________________________________________________________________________ Daniel Bösiger Head Corporate Controlling / Investor Relations Phone +41 (0) 52 631 21 12, Fax +41 (0) 52 631 28 16 daniel.boesiger@georgfischer.com 24.02.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Georg Fischer AG Amsler-Laffon-Straße 9 CH-8201 Schaffhausen Schweiz Phone: +41 - 52 631 2112 Fax: +41 - 52 631 2816 E-mail: daniel.boesiger@georgfischer.com Internet: www.georgfischer.com ISIN: CH0001752309 WKN: 851082 Indices: SPI Listed: Foreign Exchange(s) SWX End of News DGAP News-Service ---------------------------------------------------------------------------
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