|
Gratifying sales and revenue in 2006 – restructuring continues apace – solid start to 2007 as economic tailwind remains strong – invitation to AGM Dornach, 24 April 2007 2006 financial yearSwissmetal's restructuring progressed well in 2006 and is set to continue apace in 2007
In 2006 the restructuring program helped Swissmetal make further progress towards becoming a company that posts sustainable growth. Numerous investment projects, headed by the new extrusion press at the Dornach plant, were pushed through rapidly and according to schedule. The new installation will be trialled this year. This facility should be handling most production needs by the end of 2007, thus rendering several old extrusion presses obsolete. Swissmetal is confident that productivity will rise significantly as a result.
The founding of the subsidiary Avins International AG, Dornach, on 19 December 2006 and the acquisition of the US trading company Avins Industrial Products Inc., in Warren/NJ, on 10 January 2007 has enabled Swissmetal to move into the business of trading semi-finished copper products. Swissmetal is thereby able to offer its customers an even bigger range of products and solutions. By taking this step into the international trading business, the company can leverage its strong market position and its existing customer base in important market segments, in order to create new opportunities for growth. A higher service level can be provided at the same time. In order to achieve a stronger presence in key markets, Avins International AG, Dornach, which also owns Avins Industrial Products Corp., Warren/NJ, will build up further subsidiaries in different countries and take over all Swissmetal's sales and distribution activities under the umbrella brand of "Avins".
The Group Management of Swissmetal is making an intensive effort to enhance the corporate culture and working performance, as well as introducing a number of technical and marketing improvements. The performance-related "Nordstern" bonus plan has been running since 1 January 2006, and an employee participation scheme is being set up in April 2007. This program allows middle and senior managers to reinvest part of their salary and/or bonus in company shares. These are offered at a discount and are locked in for a period of two years. A better working climate should thus be achieved, together with an incentive to focus clearly on the longterm goals of the company. At the start of 2007 another programme was launched to promote the company's future image and its five core values (open-mindedness, customer orientation, innovation spirit, commitment and courage). A comprehensive management development progamme aligned with these five values was launched at the same time.
Internal communications were improved further in the second half of 2006, complemented by a new online information system for employees (featuring screens in offices and workshops), a monthly company magazine, and an intranet.
First quarter of 2007 Swissmetal convenes Annual General Meeting on 16 May 2007
On Wednesday, 25 April 2007, UMS Swiss Metalworks Holding Ltd will invite shareholders to attend the Annual General Meeting (see advertisements in SOGC, NZZ and l'AGEFI). The Annual 5 General Meeting will take place at 2 p.m. on Wednesday, 16 May 2007 at the Swissmetal plant at Weidenstrasse 50, 4143 Dornach.
In addition to the usual items on the agenda, this year the General Meeting will decide whether to approve the creation of conditional capital. This will give the company an opportunity to raise further strategic and operational financing. The Board of Directors proposes to increase the share capital by a maximum of CHF 22,500,000 by issuing at most 2,500,000 bearer shares, each with a par value of CHF 9.00, to be paid up in full, through exercising option and conversion rights granted in connection with bonds or similar paper issued by the company or its subsidiaries. Shareholders are not entitled to subscription rights.
A series of smaller amendments to the Articles of Association will also be voted on at the AGM. These consist of removing outdated and obsolete articles, such as those concerned with participation certificates. Additionally, provisions which are already embodied in the law will be removed.
For further information regarding the Annual General Meeting, please see www.swissmetal.com and click on "Investor Relations" and then "General Assembly", or call +41 61 705 36 36.
New service for Swissmetal shareholders and other interested parties |
