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- Focus on ensuring sustained earning power
- Individual production and logistics sites under scrutiny
- Investment projects to continue as planned
Hamburg, Germany, April 24, 2009 — The continuing sagging demand in the industrial segment has led to a considerable drop in sales of 23.8% at tesa SE in the first quarter. After reduced working hours were implemented at certain plants starting back in February and March, the Board and executive management have taken another step, reaching an agreement on additional cost-cutting measures. Their aim is to cushion the losses resulting from the crisis, strengthen tesaís earning power for the long term, and support the companyís long-range strategy.
For tesaís group headquarters in Hamburg, a plan to temporarily change working hours to save about 10% on payroll is under review. In addition, the logistics sites in Stuttgart and Offenburg as well as the production site at Harrislee, near Flensburg, and individual international locations will be scrutinized with regard to their strategic importance. Worldwide, about 400 employees will be affected by these measures. The company will ensure that the individual steps involved are socially compatible.
"In light of the current economic situation, there is no alternative to this course," says Thomas Schlegel, CEO of tesa SE, citing the reasons for these measures. "We will closely monitor further developments and, if necessary, respond flexibly with appropriate measures. Our goal is to maintain and safeguard our companyís sustainable earning power so that we are able to continue our successful model in the long term." The company expects a mildly positive operating result for 2009. Moreover, Schlegel says, tesa is on a solid financial footing and is continuing to invest consistently in developing and expanding important business segments that have good prospects for the future. These segments will reinforce the companyís position on the world market. "On this basis, we are certain we will emerge from the crisis stronger than before," Schlegel continues.
The companyís planned investment projects will be continued on a consistent basis. This applies in particular to the establishment of a new production technology at the tesa plant in Hamburg for the company's entry into the new, attractive business in pharmaceutical patches for the pharmaceuticals industry and manufacturing of innovative products for the electronics sector. "These projects are an important building block necessary to ensure that after the crisis, we can pick up where we left off in terms of our successful development, and they safeguard our long-term growth as well," Schlegel says.
Source: tesa Press Release
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