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Oerlikon announced on Tuesday that its Polymer Processing Solutions division, i.e. machines for spinning textile fibers, will be decommissioned. Because the synergy between the two departments is limited. The process will be implemented over the next 12 to 36 months.
The exact timing depends on the cyclic recovery of the filament field at Processing Solutions. “The most value-added option” will be selected.
Oerlikon achieved good sales of 1.5 billion francs with its surface solutions in the 2023 financial year. The business under discussion contributed almost $1.2 billion to group sales.
This means that only one of the original five Oerlikon divisions will remain in the future. The group was already split into two parts in 2014. With this latest step, Oerlikon expects further growth and profitability thanks to its strong focus on market and technological leadership.
The 2023 financial year was difficult for Oerlikon: sales fell 7.4 percent to 2.69 billion, and order intake fell 17.8 percent to 2.46 billion francs. This means that the previous year’s record values were clearly missed.
The Polymer Processing Solutions division, in particular, was negatively affected by the difficult economic environment. In contrast, businesses in the field of surface technology (Surface Solutions) performed better.
The decrease in sales also affected profits. Operating profit (EBITDA) fell by 13.4 percent to 444 million francs, and the corresponding margin fell by 1.1 points to 16.5 percent. The reason for this was the high production costs.
Net profit was a quarter of the previous year at 23 million francs, due to special effects related to the planned spin-off of the textile machinery division and the reorganization of the additive manufacturing business. This leads to one-off special costs recorded in the fourth quarter of 2023.
Due to lower profits, the dividend will be reduced from 15 cents to 20 cents per share.
Oerlikon expects exchange rate-adjusted organic sales decline in the high single-digit percentage range and EBITDA margin between 15.0 and 15.5 percent for 2024. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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