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| Sulzer Board of Directors comprehensively renewed (11/04/2002, Media Release) |
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Sulzer looks to the future with modernized shareholder participation rights and a comprehensively renewed Board of Directors. The 88th Annual General Meeting of Sulzer Ltd shareholders approved all Board proposals. Following realignment of the Sulzer business portfolio, the Board of Directors has now been renewed as well.
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| Corporation |
| Sulzer sells Sulzer Composites to Gurit-Heberlein (08/04/2002, Media Release) |
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Sulzer Markets and Technology AG, Winterthur, has reached agreement for the Gurit-Heberlein Group, Wattwil (Switzerland), to acquire Sulzer Composites. This division of Sulzer Innotec, with around 10 employees, develops and produces fiber composite materials. The Gurit-Heberlein Group provides ideal conditions for the operational and strategic development of this activity.
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| Corporation |
| Sulzer upholds shareholder rights for agenda proposals (05/04/2002, Media Release) |
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The Sulzer Board of Directors will recommend the General Assembly of April 11, 2002, to approve that shareholders representing 2% or more of share capital can propose items for inclusion on the agenda. If the proposed abolition of voting rights restriction is also approved by the General Assembly, this will make Sulzer Ltd one of the most advanced and shareholder-friendly Swiss companies.
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| Corporation, Sulzer Hexis |
| Further distribution contracts closed for Sulzer Hexis fuel cell systems (04/04/2002, Media Release) |
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Budgeted pre-series sales and installations of Sulzer Hexis fuel cell systems – 400 units by the end of 2003 – are already largely secured. Contracts have so far been closed for 370 of these systems, lately with the three German utilities E.ON Energie AG, Thyssengas GmbH and VNG – Verbundnetz Gas AG.
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| Corporation |
| Injunction against individual claims extended until June 2002 (18/03/2002, Media Release) |
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The injunction against individual claims filed against Sulzer AG and Sulzer Medica AG in connection with hip and knee implant recalls in the USA was extended by Judge Kathleen M. O’Malley until at least early June 2002.
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| Corporation |
| Settlement Agreement signed and preliminarily approved (14/03/2002, Media Release) |
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The final Settlement Agreement in connection with the hip and knee implant recalls in the USA was signed by all parties, including Sulzer Ltd. Federal District Court Judge O'Malley preliminarily approved the Settlement Agreement, pending final approval after the Fairness Hearing.
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| Corporation |
| Injunction against individual claims extended until March 15, 2002 (11/03/2002, Media Release) |
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The injunction against individual claims filed against Sulzer AG and Sulzer Medica AG in connection with hip and knee implant recalls in the USA was extended by Judge Kathleen M. O’Malley until March 15, 2002. This allows the involved parties to finalize the wording of the settlement agreement. The fairness hearing is set to begin on May 6.
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| Corporation |
| Markedly higher earnings by Sulzer’s continuing operations (08/03/2002, Media Release) |
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Sales for 2001 by the continuing operations relevant to the future of Sulzer rose by 11% to CHF 1965 million (adjusted for acquisitions and currency effects: +3%), with operating income before goodwill amortization and exceptional items 56% higher at CHF 154 million. Consolidated net income (without Sulzer Medica) was just above break even at CHF 2 million, largely due to numerous exceptional items, in particular the participation in the proposed settlement of the Sulzer Medica claims. Accordingly, the Board of Directors will propose to the Annual General Meeting of April 11, 2002, that no dividend be paid. Sales and operating income for the current year are expected to rise further despite challenging market conditions.
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| Corporation, Sulzer Turbo Services |
| Sulzer Turbomachinery Services reaches agreement to acquire Enpro (05/03/2002, Media Release) |
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Sulzer Turbomachinery Services agreed to acquire the US field service and repair company Enpro of New Orleans, Louisiana, USA. With around 120 employees, Enpro sales currently total about USD 21 million (CHF 35 million). The geographical presence and customer portfolio ideally complements the existing activities of Sulzer Turbomachinery Services in the USA.
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| Corporation |
| Relationship between Sulzer and Sulzer Medica clarified (25/02/2002, Media Release) |
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Sulzer Medica agreed to pay all future liability related to the re-call of hip and knee im-plants in the US to the extent such liability is not covered by the settlement agreement that will be made with the plaintiffs. Accordingly, Sulzer will no longer have any remaining risks when the settlement becomes effective. The injunction against individual lawsuits is extended until March 8, 2002.
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