Georg Fischer dives deeper into the red

Industrial concern Georg Fischer, already deep in a painful restructuring programme, has posted a net loss of SFr139 million ($129.22 million) for the first half of 2009.

This content was published on July 17, 2009 - 09:18

The Schaffhausen-based multinational had reported a profit of SFr109 million for the same period last year.

Of the company's three divisions, the automotive and machine divisions showed the most dramatic decline, sliding 48 and 46 per cent, respectively. The automotive branch was particularly affected by the downturn in Detroit.

For the entire corporation, figures for 2009 are likely to be about one-third less than those for 2008. The company hopes to return to the black in 2010.

Between January and June Georg Fischer laid off 1,300 workers. Another 1,000 jobs are likely to be lost.

In February, Georg Fischer reported that full-year net profit had dropped in 2008 from SFr245 million to SFr69 million. and agencies

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