Economy

Tornos: changes in management

December 2011

The company announced this morning that Mr. Paul Häring, CFO, resigned from his function to be able to pursue other interests.

A successor will be recruited. In order to secure a smooth transition, Paul Häring will remain in the CFO function until appointment of the successor. M. Michaël Hauser, CEO of the Tornos group just communicated that Mr. Häring is active in several boards of directors and wanted to be able to spend more time on these mandates - what was not fully possible with his operational position of CEO of the Tornos Group.

He adds: "His decision is private and has nothing to do with with our relations. I regret but respect his decision and wish him all the best for the future".

Recently the company published quite good results despite the very challenging economic environment In the third quarter of 2011, the Tornos Group received orders worth CHF 59.2 m, an increase of 17.7% year-on-year (2010: CHF 50.4 million). Owing to the usual seasonal impact of the summer holiday period, the level of new orders received in the third quarter was lower than that in the two preceding quarters. EMO, the most important machine-tool trade fair in our industry, was held in September in Hanover. The new products we presented there met with great interest from customers and numerous orders were placed during the fair. This was particularly the case for the new revolutionary MultiSwiss multispindle lathe which made its world debut at EMO (see our post here). In the first nine months of 2011, the cumulative order intake was CHF 216.4 million, up 47.2% on the same period last year (2010: CHF 147.0 million).

Outlook The current economic climate is characterised by numerous uncertainties. Customer sentiment worldwide is mixed, and visibility surrounding the future business trend has deteriorated substantially. Based on the double hypothesis of the economy not significantly deteriorating further and of exchange rates remaining at their current levels, the Group anticipates gross sales in the region of CHF 260-270 million for the 2011 financial year as a whole, with an EBIT margin of around 6%. To safeguard the Group’s profitability, cost-saving measures will continue to be implemented, and the Group will further reduce its exposure to exchange rate fluctuations.

To know more Mr Brice Renggli, Marketing Manager Tel: +41 79 528 29 78 fax: +41 32 494 49 03 [email protected] www.tornos.com

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Tornos: changes in management

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