Stein am Rhein/Kloten, 19 December 2011. Phoenix Mecano, a leading manufacturer of technical components for industry, is to merge its two subsidiaries Dewert and Okin into a single entity called DewertOkin (Mechanical Components division) with effect from 1 January 2012. It will also move the logistics and warehousing operations and other technical functions of DewertOkin from the headquarters in Kirchlengern-Bünde (Germany) to Kecskemét (Hungary) in 2012. The Group will invest some € 6 million in Hungary in this connection. At the sites concerned, there are likely to be one-off costs totalling in the order of € 4 million, which will be charged to the 2011 financial statements.
By implementing the new logistics concept, the Group expects to make annual savings of around € 2.5 million from 2013. This will mean the loss of approximately 70 full-time jobs in Germany during the course of 2012. A social plan is being drawn up for the employees affected.
Because the one-off expenses relating to this restructuring will negatively impact the operating result for 2011, Phoenix Mecano is unlikely to achieve the “operating result at the same level as last year, excluding special costs from the photovoltaic segment (ELCOM/EMS division)” forecast in its press release of 1 November 2011.
As indicated in the aforementioned press release, Phoenix Mecano expects a possible impairment of around € 12 million on assets in the photovoltaic business (ELCOM/EMS division) as at 31 December 2011.
Excluding the two one-off effects relating to the DewertOkin logistics concept (Mechanical Components division) and the photovoltaic impairment (ELCOM/EMS division), Phoenix Mecano still expects to achieve an operating result at around the same level as last year’s result (2010: € 52.7 million).
Maximilian Kleinle appointed as head of the Mechanical Components division
Maximilian Kleinle, a member of the Executive Committee since 2004 and until now responsible for Dewert and Okin, will take over as head of the Mechanical Components division of Phoenix Mecano with effect from 1 January 2012. The division was previously being managed on an ad interim basis by Benedikt Goldkamp, CEO and Delegate of the Board of Directors.
