Sulzer posts modest growth amid restructuring

Quality control of pacemakers at Sulzer Medica in Winterthur Keystone

The Sulzer technology corporation says orders for the first nine months were up six per cent above the 1999 figure at SFr4.260 billion (US$2.3 billion).

This content was published on October 19, 2000 - 12:58

In a statement on Thursday, the Winterthur-based company said growth adjusted for acquisitions and divestitures was 11 per cent, and seven per cent after adjustment for currency effects.

Sulzer is undergoing a major reorganisation involving 300 job losses.

It said all divisions contributed to the rise, in particular the medical group, Sulzer Medica. There was also high demand for Sulzer Pumps and Sulzer Textil.

Orders received by Sulzer Medica totalled SFr991 million, a rise of 14 per cent over the previous year's figure.

The industrial sector, Sulzer Industries, much of which is to be sold, recorded four per cent more orders, totalling SFr3.823 billion.

Sulzer says it expects growth to continue in the last quarter. For the year as a whole, the company is forecasting a higher operating income before goodwill amortization and exceptional items.

It added that the restructuring announced last month would involve exceptional non-recurring expenditure in the two-digit million-franc range.

Under the new corporate strategy, Sulzer is selling off five mainly technological divisions and will concentrate on medical devices, and surface and materials technology.

The restructuring will see the company merge with Sulzer Medica, already 74 per cent owned by Sulzer.

swissinfo with agencies

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