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| Corporation |
| Sulzer order volume for 2003: 4 percent organic growth (16/01/2004, Media Release) |
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Order intake by the Sulzer Corporation in the unsettled year of 2003 totaled CHF 1908 million. Adjusted for acquisitions and currency effects, this figure is 4 percent higher than that of the prior year; nominally it matches the 2002 level. This flat nominal development is primarily due to currency effects, in particular due to the weakening of the US dollar. Even though the development of the order intake lost some momentum in the fourth quarter due to fewer large orders and some project postponements, Sulzer expects positive development of the business for 2004 in view of intact market prospects.
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| Corporation, Sulzer Pumps |
| Sulzer Pumps to significantly improve profitability (15/12/2003, Media Release) |
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Sulzer Pumps has launched a far-reaching operational improvement program to considerably strengthen performance. The division thereby aims to continue on the positive trend of 2003 – it has enjoyed good growth in order intake for the first 9 months and operating performance for the full year is expected to recover from last year’s low. This improvement program will lead to exceptional charges of CHF 23 million in 2003, but is expected to continuously lift the operating margin to 8% in 2006. One consequence of the measures required will be the reduction of a total of 240 positions in various locations.
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| Corporation |
| Stockholding interest of Peter Cundill & Associates Ltd in Sulzer Ltd below 5% (01/12/2003, Media Release) |
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Based on the Stock Exchange Act, Peter Cundill & Associates (Bermuda) Ltd has announced that it holds now less than 5% of Sulzer’s share capital.
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| Corporation, Sulzer Metco |
| Sulzer Metco expands materials business (03/11/2003, Media Release) |
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Subject to anti-trust board approval, Sulzer Metco is acquiring WOKA GmbH, a family-owned carbides manufacturer with 70 employees and sales totaling about CHF 20 million (EUR 14 million) for 2002.
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| Corporation, Sulzer Hexis |
| Co-operation agreement signed between Sulzer Hexis and Axpo (28/10/2003, Media Release) |
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Within the framework of its planning for the future, the Axpo Group is also testing the decentralized use of fuel cells as systems for the cogeneration of electricity and heat. To this end, the utility and Sulzer Hexis Ltd have signed a co-operation agreement.
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| Corporation |
| Strong organic growth of order intake at 7 percent (22/10/2003, Media Release) |
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Order intake by the Sulzer Corporation for the first nine months of 2003 totaled CHF 1482 million. Compared with the prior year period, this represents strong growth of 7% in local currencies and adjusted for acquisition effects, or 1% nominal. The third quarter significantly improved on that of prior year, with a 13% nominal rise in order intake. Further stabilization of the market situation increasingly indicates an economy upswing – even if only modest. For 2003 as a whole, Sulzer expects a higher order intake than in 2002.
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| Corporation |
| Changes in Sulzer management (04/09/2003, Media Release) |
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The two Executive Committee members Christina Künzle, head of Corporate Development, and Eduard Rikli, head of Sulzer Metco, will be leaving the Sulzer Corporation per year-end 2003. The new head of Corporate Development will be Markus Heusser who has been with McKinsey since 1996. Bruno Walser, a long-standing member of the Sulzer Executive Committee, will head Sulzer Metco ad interim until a long-term successor is appointed. Thomas Gutzwiller will take over from Bruno Walser as head of Markets and Technology.
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| Corporation |
| Slightly improved profitability of core divisions per mid-year 2003 (26/08/2003, Media Release) |
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The mid-year figures 2003 confirm the stable development of the Sulzer Corporation: While being lower in nominal terms, both order intake (CHF 1001 million) and sales (CHF 866 million) increased in local currencies compared with the previous year. Operating income before goodwill amortization (EBITA) of the core divisions improved to CHF 45 million (previous year CHF 43 million) with the corporate EBITA reaching CHF 49 million. Due to larger real estate earnings and a gain from business disposal in 2002, the net income of CHF 25 million does not match the level of the first six months in the previous year (CHF 42 million).
Although the second half of the year remains challenging, Sulzer expects an operating income of the four core divisions above the previous-year figure. Net income for the whole corporation will remain lower, however.
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| Corporation |
| Strong organic growth of Sulzer order volume for the first half year (17/07/2003, Media Release) |
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Orders received by the Sulzer Corporation for the first half year 2003 totaled CHF 1001 million. In local currencies and adjusted for acquisition effects, this represents a substantial growth of 5 percent. The nominal decline of 4 percent is primarily attributable to currency effects. Order volume again increased in the second quarter 2003 – as in the two previous quarters –, and Sulzer expects further stabilization of the markets with partial recovery. Despite the normal slowdown during the summer vacation period, the growth of adjusted order volume is expected to continue throughout the year.
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| Corporation |
| SIP Real Estate Limited acquires Centerpulse buildings from Sulzer (07/07/2003, Media Release) |
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On June 30 SIP Real Estate Limited and Sulzer Immobilien AG closed agreement for the sale of buildings 540 and 541 on the Sulzer site in Oberwinterthur, Switzerland. The sale of these properties – the Centerpulse Ltd. administration and production buildings – represents an important further step by Sulzer Immobilien AG in the strategic divestiture of nonoperating real estate.
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