Facing Major Challenges In European Business For Electric Motors

Feintool International Holding AG

03/12/2024 05:33

Dec 3 (Reuters) - Feintool International Holding AG
 FTON.S :
    * FEINTOOL GROUP IS FACING MAJOR CHALLENGES IN ITS EUROPEAN
BUSINESS FOR ELECTRIC MOTORS
    * BOARD OF DIRECTORS AND EXECUTIVE BOARD OF FEINTOOL
INTERNATIONAL
HOLDING AG DECIDED AT THEIR MEETING ON DECEMBER 2, 2024 TO
REALIGN FOOTPRINT OF BUSINESS UNIT STAMPING
    * COMPETENCE CENTERS FOR RESEARCH AND DEVELOPMENT AND
TOOLMAKING
AS WELL AS HIGHLY AUTOMATED AUTOMOTIVE PRODUCTION WILL BE POOLED
IN VAIHINGEN
    * UNPROFITABLE PRODUCTION IN SACHSENHEIM - MAINLY DUE TO
EXTERNAL
ECONOMIC FACTORS AND CURRENT CONDITIONS IN GERMANY - WILL MAINLY
BE RELOCATED TO TOKOD
    * SACHSENHEIM SITE WILL SUBSEQUENTLY BE CLOSED
    * REALIGNMENT, WHICH IS SUBJECT TO CONSULTATION OF EMPLOYEE
REPRESENTATIVES, WOULD PRESERVE A TOTAL OF AROUND 250 OF CURRENT
450 WORKPLACES IN SACHSENHEIM AND VAIHINGEN
    * NECESSARY RESTRUCTURING EXPENSES WILL IMPACT EARNINGS IN
2024
PRIMARILY
    * ONCE RELOCATIONS HAVE BEEN COMPLETED, THIS WILL LEAD TO
SAVINGS
OF CHF 15 MILLION PER YEAR IN MEDIUM TERM

Source text:  ID:nGNE6Rycd7 
Further company coverage:  FTON.S 

 (Reporting by Berlin Newsroom)
 ((berlin.newsroom@thomsonreuters.com;))