On September 4, Sulzer Chemtech signed an agreement to acquire Manfred Preu Kolonnenservice in Germany. The purchase price is up to EUR 2.5 million (approximately CHF 3.8 million) depending on the future performance. Subject to the fulfillment of certain conditions, the closing of the acquisition is expected in September 2009. The annual sales of the business averaged approximately EUR 2.3 million (approximately CHF 3.5 millio...
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In the first half of 2009, Sulzer’s sales remained stable at a high level due to a strong order backlog. Return on sales before restructuring expenses reached 14.5% and return on sales including those expenses was 12.4%. The net income remained stable, cash flow improved and net liquidity was further strengthened. In the context of declining market activities, Sulzer initiated a global cost reduction program. With its strong m...
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At today’s Extraordinary General Meeting of Sulzer Ltd, the shareholders approved the proposal of the Board of Directors to elect Jürgen Dormann and Klaus Sturany as new members of the board. The proposal of the Renova Group, the single largest shareholder, to de-elect Louis Hughes and Thor Håkstad was approved as well. After the shareholder meeting, the seven members of the Sulzer board elected Jürgen Dormann as the new cha...
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The Sulzer acquisition of SAB Technical Services, announced in June 2009, was closed as of July 31, 2009.
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In the first half of 2009, Sulzer received orders for CHF 1556.2 million. This was an adjusted decrease of 29.2% (nominally –31.3%) compared with the record level of last year’s first half. As projected, the dynamics in Sulzer’s key markets worsened and demand was clearly below the previous year’s level. For the full year, Sulzer expects a substantially lower order intake compared to the high level of 2008.
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Today, Sulzer Chemtech signed an agreement to acquire SAB Technical Services (India). The purchase price is up to USD 5.75 million (approximately CHF 6.3 million) depending on the future performance. Subject to the fulfillment of certain conditions, the closing of the acquisition is expected in July 2009. SAB’s annual sales is approximately USD 4 million (approximately CHF 4.4 million). With this acquisition, Sulzer Chemtech w...
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Market conditions in Sulzer’s key segments have continued to decline over the last months and no quick recovery or improvement is expected. Sulzer is adapting its capacity and cost structure with targeted annual cost savings of approximately CHF 110 million after completion in the first half of 2011. Compared to the global workforce at year end 2008, about 1,400 positions will be affected. The associated non-recurring charges ...
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Renova, the single largest shareholder of Sulzer with 31.2% of all shares, has requested to include the item of de-election of board members on the agenda for the upcoming extraordinary general meeting. Renova pro-poses to de-elect Thor Håkstad and Louis R. Hughes as members of the board.
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The board of directors of Sulzer has decided to hold an extraordinary general meeting on August 18, 2009 for the election of new board members. The board will propose to elect Jürgen Dormann and Klaus Sturany as new board members. The board plans to elect Jürgen Dormann as chairman after the extraordinary shareholder meeting. The board decision to hold an extraordinary general meeting and to propose the election of two new boa...
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The agreement between Sulzer Ltd and Renova Group, signed in October 2007 in order to govern the formal relationship between both parties, ended on May 31, 2009. Therefore, the Renova Group and Sulzer Ltd are no longer to be considered a group for the purpose of disclosure of shareholdings pertaining to Art. 15 SESTO-FINMA.
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