Georg Fischer AG
Important step in the Georg Fischer structural programme
Georg Fischer AG / Restructure of Company 08.09.2009 Dissemination 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, 8 September 2009, 7:00 p.m., Ad hoc Important step in the Georg Fischer structural programme With global demand for machine tools continuing to slump by over 50 percent, there is no let-up in the impact on the business of GF AgieCharmilles. Nor is any improvement in sight in the near term. It has become clear that the measures taken to date are not sufficient to bring capacity into line with the expected business volume. GF AgieCharmilles therefore intends to adjust capacity in Switzerland as part of the ongoing restructuring and cost-cutting programme at Georg Fischer. This will affect production and development in particular at the Meyrin, Losone, Nidau and Luterbach sites. All four locations, however, will in future remain important pillars of GF AgieCharmilles. The key measures planned are as follows: The production of electric discharge machines (EDM) in Switzerland, until now located in Meyrin (Geneva) and Losone (Ticino), will be merged in Losone. EDM development will be adjusted to the streamlined product range. The Geneva site will continue to be in charge of major part of research and development as well as host the Centre for New Technologies, the international marketing with the Application Center, the Customer Services with the worldwide spare parts business, and the headquarters of GF AgieCharmilles with all global management and support functions. The Losone site will host the merged EDM production, parts of research and development along with the sales organisation for Switzerland and several other countries. These measures to increase efficiency in the EDM sector would result in the loss of 242 jobs in total, of which 168 would be in Meyrin and 74 in Losone. In addition, about 27 jobs will be lost at Luterbach, where high-performance spindles are manufactured, and another 12 jobs at Nidau (milling machines). The consultation phase with employee representatives has begun at the individual sites. A social plan is in place for the affected employees. The planned measures would therefore result in the reduction of about 281 jobs in total. GF AgieCharmilles would then employ around 1,000 people in Switzerland. As things stand now, these measures mark the completion of the drive to focus the Swiss locations of GF AgieCharmilles. The purpose is to ensure that production and Research & Development at GF AgieCharmilles remain competitive in Switzerland. 'We firmly believe in the strengths of Switzerland as a place for research and manufacturing,' stated Yves Serra, CEO of Georg Fischer. 'We regret very much the impact of the announced measures on the affected employees. We have made every effort, in a difficult situation, to find a balanced, objective and economically viable solution for all the sites.' You can find further information on the Georg Fischer structural programme in the Media Release of 28 May 2009, www.georgfischer.com. ___________________________________________________________________________ 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 email. Georg Fischer AG, 8201 Schaffhausen/Switzerland Phone +41 (0) 52 631 26 74, 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 08.09.2009 Financial News transmitted by DGAP --------------------------------------------------------------------------- Language: English Company: 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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