In a press release on its website, SwissTex Winterthur informed that high price pressure coupled with the intensified competition, additionally strengthened by the dramatic decline of the most important sale currencies to Swiss Franc, led to a substantial breakdown of its yields during the last months. The company also suffered from delays in delivery and current work for two large-scale projects, which had an impact on the company’s liquidity.
Despite large efforts toward the reduction of costs and efficiency improvement in the past financial year, the enterprise suffered a very high loss, which triggered an acute liquidity crisis.
As a result, the board of directors made the decision to restructure profoundly and concentrate on some few margin-strong activities, so that the enterprise can have a financial recess.
In the course of this restructuring SwissTex Winterthur AG is said to lay off a part of its personnel. This concerns presumably about 80 of the 91 currently employed workers.
About SwissTex Winterthur AG
SwissTex Winterthur AG is a global manufacturer of textile machinery and a system provider with a profound knowledge of BCF and T&I extrusion processes for the continuous filament market. The company is located in Winterthur, Switzerland.
Site: www.swisstex.ch
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