sia Abrasives grows faster than the market (22/01/2001)
As expected, the sia Group increased net sales for the year 2000 by approximately 10 percent over the previous year (1999: CHF 204.7 million). This result means that sia Abrasives enjoyed markedly stronger growth than the market as a whole, where the average growth rate amounted to between 2 and 3 percent. The economic upturn in the major markets of Asia, Australia and Latin America (which are particularly important for the panel business) led to a corresponding rise in sales during the first six months of the year. The second half of the year then saw a consolidation of the market. The sia Group Management also expects earnings (EBIT) to be higher than for the previous year (1999: CHF 21.1 million) in line with this increase in sales.
The due diligence procedures in respect of the takeover that was announced in December of the entire non-woven abrasives business of the Freudenberg Group (Fibral Abrasives, Halifax, UK) are currently in progress.
® 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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