euro adhoc: Winterthur Technologie AG
Strategic management decisions /
Winterthur Technology Group reports good development
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
21.11.2007
The Winterthur Technology Group (WTG) has extended the service agreement of its CEO, Dr. Edgar Rappold. The order backlog has increased by 46% compared to yearend 2006. The group continues its expansion into CEE and Asian markets.
Zug, November 21, 2007
The Board of Directors of Winterthur Technology Ltd. has decided on 19/11/2007 to extend the service agreement of its CEO, Dr. Edgar Rappold, which otherwise would have expired at the end of 2007. Conditions are unchanged. The order backlog as at 30/09/2007 shows an increase of 46 percent compared to yearend 2006. This is based on organic growth only and free of any consolidation effect with the Wendt Group. The integration of this acquisition is according to plan. First positive results will be seen in 2008 sales. The new production unit in China will start manufacturing in the first quarter of 2008.
The strong order intake of the group will safeguard the guidance as to the financial year 2007. The optimism for 2008 is supported by newly founded sales subsidiaries in Thailand, Korea as well as Romania and Bulgaria.
Profile Winterthur Technology Group (WTG), a leading international provider of complex abrasive technology, is headquartered in Zug and manufactures in Switzerland, Germany, Austria, Sweden, Belgium, the USA and Russia. It holds a 40-percent stake in the publicly listed Wendt (India) Ltd. WTG is a holding company under Swiss law which is listed on the SWX Swiss Exchange. It has 1500 employees and in 2006 would have achieved sales of approximately EUR 202 million including the Wendt Group acquired 26/6/2007. Working closely with clients, the company develops and produces complex high-margin, high-tech abrasive technology consumables, primarily bonded abrasive wheels used in the automotive, turbine, tool and steel industry. The Group´s main brands are Winterthur, Wendt, Rappold and SlipNaxos. WTG´s products - vitrified grinding wheels, resin bonded grinding wheels, cut-off wheels, diamond and CBN grinding and dressing tools and tool grinding machines - are sold in all the relevant European markets, as well as in North and South America and Asia.
Disclaimer This press release does not constitute an offer or invitation to subscribe for or purchase any securities. This press release does not constitute a prospectus within the meaning of Article 652a of the Swiss Code of Obligations or within the meaning of the listing rules of SWX Swiss Exchange. It is not being issued in countries where the public dissemination of the information contained herein may be restricted or prohibited by law. In particular, this press release is not being issued in the United States of America and should not be distributed to United States persons or to publications with a general circulation in the United States. Any non-compliance with such restrictions may result in an infringement of United States securities laws. Securities of Winterthur Technologie AG, Zug, have not been registered under the United States securities laws and may not be offered, sold or delivered within the United States or to U.S. persons absent registration under or an applicable exemption from the registration requirements of the United States securities laws.
This press release contains forward-looking statements based on the currently held beliefs and assumptions of the management of Winterthur Technologie AG, Zug. Actual results may differ materially from such forward-looking statements which will not be updated.
end of announcement euro adhoc 21.11.2007 17:35:00
Further inquiry note:
Dr. Edgar Rappold, delegate and CEO
Markus Brütsch, CFO
Phone: +41 52 234 41 41
E-mail: ir@winterthurtechnology.com
Fax: +41 52 234 41 06
www.winterthurtechnology.com
Branche: Technology
ISIN: CH0021892606
WKN: 2189260
Börsen: SWX Swiss Exchange / official market