Whereas the group companies active in the capital goods industries were hit by the downturn in the USA, Europe and Japan, sales in the components business were higher than expected in the 3rd quarter. The Fineblanking/Forming Technology division, which contributed 58% of group sales (year-back figure: 56%) was the only one to exceed forecasts overall. As expected, the sales figures posted by Assembly/Automation (contribution down from 30% to 28%) and Plastic/Metal Components (unchanged at 14%) will fall short of the annual targets.
In light of the business outlook, structures have been adapted and measures taken to boost earnings. Some of these measures already began to take effect in the 3rd quarter, and will further help to improve the company's profitability even if turnover remains slack.
Beat E. Lüthi leaves the Group
Dr. Beat E. Lüthi is stepping down as Feintool Group's CEO in order to pursue a new challenge elsewhere. Prior to his departure at the end of September, Dr. Lüthi help familiarize his successor with his new post. The Board of Directors will release details of the new CEO in due course.
Dr. Beat E. Lüthi is stepping down as Feintool Group's CEO in order to pursue a new challenge elsewhere. Prior to his departure at the end of September, Dr. Lüthi help familiarize his successor with his new post. The Board of Directors will release details of the new CEO in due course.
Beat Lüthi was appointed as Feintool Group CEO four years ago after the founder and principal shareholder, Fritz F. Boesch, stepped down from the operational management when the company was floated in 1998. The Board of Directors would like to thank Dr. Lüthi for his commitment to the Feintool Group during this period and will pay appropriate tribute when he hands over office.
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