Economy

New bank framework agreement for Tornos

September 2009

Yesterday Tornos signed a new framework agreement with UBS AG and the Zurich Cantonal Bank on credit lines worth CHF 50 million maturing on 30 September 2012. The agreement is subject to covenants. It replaces the current CHF 32.5 million credit facility agreement valid until 31 December 2010, certain covenants of which had not been complied with during the first half of the current year. Tornos’s net debt as at 30 June 2009 was CHF 16.2 million.

In view of this, the new agreement considerably widens the Group’s scope for manœuvre and represents a trump card at a time when recession has been ravaging the machine tool industry since the beginning of 2008 and will probably continue to make itself felt in 2010. The Group’s excellent relations with its partner banks have been instrumental in the conclusion of the new agreement.

Tornos will be present at EMO next week with a lot of news on Hall 2, Booth F08. About this, see our blog here:

www.tornos.com

Economy

Machine tool orders holding up well

November 2022

Orders received by the German machine tool industry in the third quarter of 2022 were 9 percent up on the previous year’s figure. Orders from Germany rose by 3 percent whereas those from abroad were up by 12 percent. Demand rose by 26 percent in the first nine months of 2022. Domestic and foreign orders contributed in equal measure to this, accounting for growth of 25 and 26 percent respectively. "Our industry’s orders have held up well so far, despite all the adverse factors. Although the (...)

Economy

German machine tool orders remain at high level

June 2022

Orders received by the German machine tool industry in the first quarter of 2022 were 44 per cent up on the same period last year. There was a 44 percent increase in orders both from within Germany and from abroad. "Orders for our industry continued to flow in during the first quarter of this year," commented Dr. Wilfried Schäfer, Executive Director of the VDW (German Machine Tool Builders’ Association), Frankfurt am Main. "They were only 8 percent below the figures posted in the record year (...)

Economy

German machine tool makers close 2021 with full order books

February 2022

Orders received by the German ma-chine tool industry in the fourth quarter of 2021 were 51 percent up on the pre-vious year’s figure. Orders from Germany rose by 62 percent. Foreign orders were 46 percent higher than in the previous year. In 2021 as a whole, the level of orders received by German manufacturers rose by 58 percent. Domestic or-ders were 51 percent higher than in the previous year, foreign orders 62 per-cent. "This great result reveals how German manufacturers have worked (...)

Economy

Turnaround for machine tool industry: Positive quarterly result in orders for first time since mid-2018

May 2021

Orders received by the German machine tool industry in the first quarter of 2021 were 26 per cent up on the same period last year. Orders from Germany rose by 10 per cent. Foreign orders, however, were 35 per cent higher than in the previous year. Order bookings in the German machine tool industry "For several months now, the industry has been registering improving sentiment among customers. This is now finally being reflected in the figures," says Dr. Wilfried Schäfer, Executive Director (...)

Economy

A phenomenal slap that must sound like a warning

May 2020

You can read this Eurotec editorial in French and German . Covid-19 has been on the world stage for weeks and the increasingly alarmist news is bordering on overdose. Yet it is difficult not to talk about it here, if only to evoke the hope, perhaps naive but so necessary, of radical changes in the way we operate. Before continuing, it is worth making an important clarification: Eurotec did not suddenly become the official organ of some environmental movement. Its vocation is and always (...)

Economy

Bilbao Exhibition Centre generated an economic impact of 92 millions euros in 2016

January 2017

The activity developed by Bilbao Exhibition Centre in 2016 generated an economic impact in terms of Gross Domestic Product (GDP) of 91,976,392 Euros. This impact implied a collection of taxes of 11,338,741 Euros for the Basque Tax Office, and the generation of 1,937 jobs. Since its inauguration in 2004, BEC has had an accumulated impact on the GDP of 1,024 million Euros. During the past year, the BEC held a total of 188 events of different types (trade shows, congresses/conventions, (...)

Economy

Startup World Cup: The unique pitching competition coming soon to Luxembourg!

December 2016

8 March 2017 is undoubtedly a red-letter day in the agendas of the Great Region and Luxembourg’s startups. It will be the D-day of the Startup World Cup, the first event of its kind ever held in Europe. But most importantly, this exceptional event organized by the famous event creator Farvest, will take place in Luxembourg. This is no coincidence due to the efforts made by the Government of Luxembourg to maintain its reputation as a startup nation and its rapidly developing ecosystem. (...)

Economy

The American and European machine tool associations publish a joint statement on the Transatlantic Trade and Investment Partnership

November 2015

AMT and CECIMO represent together over 2000 companies from both sides of the Atlantic. The organisations advocate for better market opportunities and support free trade. AMT and CECIMO welcome the commitment expressed by the European Union and the United States to reach to comprehensive Transatlantic Trade and Investment Partnership (TTIP). The highly innovative machine tool sector stresses the need to tackle wider area than only abolishing of tariffs to provide concrete and measurable (...)

Economy

German machine tool industry puts in a notable finishing sprint for 2014

February 2015

In the fourth quarter of 2014, order bookings in the German machine tool industry were up by an impressive 15 per cent compared to the final quarter of 2013, a steeper rise than expected. Orders from abroad rose by 24 per cent, while for the domestic market the figure was 1 per cent down on the preceding year’s equivalent result. For 2014 as a whole, there is a total plus of 4 per cent, with domestic orders up by 6 per cent, and orders from abroad by 4 per cent. “So for the German machine (...)

Economy

German machine tool industry still sees chances for growth

October 2014

In the first half of 2014, the German machine tool industry maintained its production output at the previous year’s high level of around 6.5 bn euros. “Thanks to healthy domestic demand, the sector has put up a valiant performance”, reports Dr. Wilfried Schäfer, Executive Director of the VDW (German Machine Tool Builders’ Association), speaking at the AMB in Stuttgart on 16 September 2014. At the same time, he admits that the association’s forecast for production output, with a plus of 3 per (...)

New bank framework agreement for Tornos

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