SIG
High overall growth / Problems at machinery manufacturers Blowtec and Kautex
Despite the poor economic environment, SIG Holding AG (CH-8212 Neuhausen; www.sig-group.com) posted strong growth again in 2002. According to provisional figures, sales of the packaging giant rose by 18% to EUR 1.88 bn. Final figures were expected to show earnings before interest, taxes and amortisation ( EBITA) up by about 25%. In particular, the company´s biggest division, SIG Combibloc GmbH (D- 52441 Linnich; www.combibloc.com), had a very successful year, according to the holding´s report. The second largest manufacturer of cardboard composite packaging posted sales and earnings “significantly” above last year´s figures.
The plant engineering division, SIG Beverages (www.sigbeverages.com) had mixed results. While the division´s core businesses, including SIG Corpoplast GmbH & Co KG (D-22145 Hamburg; www.sigcorpoplast.de), also succeeded in lifting sales and earnings, three other companies, SIG Hamba Filltec (D-66539 Neunkirchen; www.sighamba.de), SIG Blowtec GmbH & Co KG (www.sig-group.com), and SIG Kautex GmbH & Co KG (D-53229 Bonn; www.sigplastics.com) faced considerable problems, resulting in a loss of over EUR 60m.
SIG Blowtec, which manufactures extrusion blow moulding lines for packaging applications, suffered from difficult market conditions, while SIG Hamba Filltec, a fairly small manufacturer of filling and sealing machines for packaging, was affected by technological and organisatorial problems.
SIG Kautex, which manufactures blow-moulding lines for technical components such as plastic fuel tanks, and is heavily dependent on the automotive industry, felt the reluctance of key customers to invest, especially in the first nine months of the year. Nevertheless, explained SIG, there was a significant increase in the number of incoming orders during the last few weeks of 2002, which led to a backlog for 2003 at Kautex equivalent to 75% of budgeted sales for the year. SIG has not ruled out selling this company, as its products are not a good fit with the rest of the group´s portfolio.
An “experienced turnaround manager” has been engaged to restructure the problem companies. During the course of 2002, capacities were adjusted, resulting in the loss of 150 jobs at Kautex and Blowtec. There have also been changes at segment management level. Following last August´s departure of Werner Fillmann (see PIE 18, 2002), Carlo Venturi, who served as head of the beverages division after the takeover of the Italian filling technology specialist SIG Simonazzi , has also left the group “at his own request.”A successor has not yet been appointed. For the interim period, the division will be headed by Roman Boutellier, CEO of the SIG group.
The plant engineering division, SIG Beverages (www.sigbeverages.com) had mixed results. While the division´s core businesses, including SIG Corpoplast GmbH & Co KG (D-22145 Hamburg; www.sigcorpoplast.de), also succeeded in lifting sales and earnings, three other companies, SIG Hamba Filltec (D-66539 Neunkirchen; www.sighamba.de), SIG Blowtec GmbH & Co KG (www.sig-group.com), and SIG Kautex GmbH & Co KG (D-53229 Bonn; www.sigplastics.com) faced considerable problems, resulting in a loss of over EUR 60m.
SIG Blowtec, which manufactures extrusion blow moulding lines for packaging applications, suffered from difficult market conditions, while SIG Hamba Filltec, a fairly small manufacturer of filling and sealing machines for packaging, was affected by technological and organisatorial problems.
SIG Kautex, which manufactures blow-moulding lines for technical components such as plastic fuel tanks, and is heavily dependent on the automotive industry, felt the reluctance of key customers to invest, especially in the first nine months of the year. Nevertheless, explained SIG, there was a significant increase in the number of incoming orders during the last few weeks of 2002, which led to a backlog for 2003 at Kautex equivalent to 75% of budgeted sales for the year. SIG has not ruled out selling this company, as its products are not a good fit with the rest of the group´s portfolio.
An “experienced turnaround manager” has been engaged to restructure the problem companies. During the course of 2002, capacities were adjusted, resulting in the loss of 150 jobs at Kautex and Blowtec. There have also been changes at segment management level. Following last August´s departure of Werner Fillmann (see PIE 18, 2002), Carlo Venturi, who served as head of the beverages division after the takeover of the Italian filling technology specialist SIG Simonazzi , has also left the group “at his own request.”A successor has not yet been appointed. For the interim period, the division will be headed by Roman Boutellier, CEO of the SIG group.
03.04.2003 Plasteurope.com [14834]
Published on 03.04.2003