Feintool Group on track after first quarter

The performance of the Feintool Group in the first quarter of the 1999-2000 financial year is in line with expectations. Based on the trend after three months and current order volume, management is confident that the company will meet its goals this year. The Feintool Group is looking to grow sales by 30-35% to CHF 390-410 m and expects net profit of CHF 20-23 m.

Following specific acquisitions made last year, the globally active Feintool Group can rely on three well-matched divisions. In its traditional core field of fineblanking/forming technology, Feintool is within budget. This applies both to Presses and Systems and to Toolmaking and Technology Services. Capacity utilization is at a very high level at the Parts and Components facilities in Europe. The new site in Tennessee has commenced operations. The Fastening and Automation Technology division of BalTec Group and (since 1 January 2000) of IMA Automation GmbH is producing the expected results in Switzerland, Germany, the UK and the USA. The Mühlemann Plastic/Metal Components division is also growing in line with expectations. Although well positioned with specialty products in the still growing automotive supplies industry, both divisions are expanding their services in the booming telecommunications industry.