Sulzer To Divest Five Business Units Including Sulzer Textil
Switzerland-based Sulzer has announced plans to divest five Sulzer Industries business units, including Sulzer Textil, in a move to focus the companys business activities on medical devices and on surface and materials technology.In addition to Sulzer Textil, Sulzer will divest Sulzer Infra, Sulzer Pumps, Sulzer Turbo and Sulzer Burckhardt and related distribution and service organizations.The five units together represent approximately CHF 3.6 billion in revenues. More than 14,600 employees, including 2,000 in Sulzer Textil are affected by the decision.Sulzer intends to complete the divestiture as quickly as possible and has pledged to honor its obligations to its employees. Sulzer Textil CEO Philip Mosimann and Christopher Somm, head of sales and marketing, issued a statement in conjunction with the announcement, citing opportunities for the manufacturer of weaving machines to reorient its own activities. In this new arrangement, we aim to strengthen and extend our operations as a leading provider of weaving machines and associated services, they stated. Sulzer Textil took a significant step in this direction more than two years ago when it took over the weaving machine business from Nuovo Pignone Divisione SMIT, a unit of General Electric.With the expansion of our product portfolio into rapier weaving machines, we massively increased our market share. There has been a significant increase in sales and profits for the current financial year compared with last year, and a remarkably higher number of orders received. The restructuring that was introduced by Sulzer Textil management has now improved profitability.Our new situation will allow the right conditions for continuing improvements in our customer-focused activities, and successful further development of the company of this, the management and employees of Sulzer Textil are convinced.