sia Abrasives: inflow of orders good – sales target remains realistic (06/06/2003)
Restructuring successfully completed in United Kingdom
With the sale at the end of May 2003 of its Group company’s factory premises in Saffron Walden, which had become redundant to requirements, the sia Group successfully completed its restructuring measures in the United Kingdom. The sales price of CHF 5.7 million swelled cash reserves by this amount. Net revenue after deduction of costs incurred is expected to amount to some CHF 2.5 million.
At the end of 2002, sia Abrasives consolidated its two UK Group companies at the headquarters of sia Fibral Ltd. in Greetland. The investments necessary at the new location in respect of both companies’ converting operations came to some CHF 2.4 million. The one-time extraordinary costs of some CHF 1 million incurred by the relocation of production were booked in the 2002 financial statement. The consolidation will lead to recurring annual savings of some CHF 2 million starting from 2003. This reduction in expenses has already been taken into account in corporate planning.
Sales developing as planned
The volume of orders received during the first five months of the current year is high compared with the equivalent figure for 2002 and comes up to expectations. Despite the weak dollar, which is having a slight negative impact on sales, and an economic outlook that is difficult to predict, sia Abrasives is optimistic of achieving its targeted sales growth of between 6% and 8%.
® Correct nomenclature for sia Abrasives Holding AG
As there are other companies and organizations that use the same abbreviation as our company, we would be grateful if you could help to avoid any misunderstandings by always writing our name as follows: sia Abrasives (never just sia by itself).
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