News Article
Unaxis shake-up to cost 500 jobs and CEO
Heinz Kundert is to step down as chief executive officer of equipment supplier Unaxis, as part of a major shake-up of the Swiss company.
Heinz Kundert is to step down as chief executive officer of equipment supplier Unaxis, as part of a major shake-up of the Swiss company. He will be replaced temporarily by Unaxis board director Harold Eggers.
The company wants to focus on its core thin-film and vacuum equipment business and is therefore planning to divest or merge its loss-making display technology business.
Unaxis also intends to "fundamentally" revamp its semiconductor equipment business with the aim of turning it into an "independent and profitable" company. The restructuring also calls for a build-up of production capacity at the firms Asian assembly and packaging division.
Up to 500 jobs will be cut by 2007 as part of the shake-up, 400 in Switzerland and Liechtenstein. But 200 positions will be created in Asia. The net loss of 300 jobs works out as just under 5% of the companys workforce.
The cost of the restructuring is expected to amount to CHF200-CHF300 million.
"The board of directors are convinced that, as a result of these strategic and operative measures, the foundation is being laid for the profitable development of the company and hence for sustainable shareholder value," said a company spokesman.
Unaxis expects to make operating earnings of CHF100 million on sales of CHF1.8 billion in 2005. It is aiming to achieve an internal growth rate of 5% and an earnings-before-tax-and-interest margin of 10% by 2007.
The company wants to focus on its core thin-film and vacuum equipment business and is therefore planning to divest or merge its loss-making display technology business.
Unaxis also intends to "fundamentally" revamp its semiconductor equipment business with the aim of turning it into an "independent and profitable" company. The restructuring also calls for a build-up of production capacity at the firms Asian assembly and packaging division.
Up to 500 jobs will be cut by 2007 as part of the shake-up, 400 in Switzerland and Liechtenstein. But 200 positions will be created in Asia. The net loss of 300 jobs works out as just under 5% of the companys workforce.
The cost of the restructuring is expected to amount to CHF200-CHF300 million.
"The board of directors are convinced that, as a result of these strategic and operative measures, the foundation is being laid for the profitable development of the company and hence for sustainable shareholder value," said a company spokesman.
Unaxis expects to make operating earnings of CHF100 million on sales of CHF1.8 billion in 2005. It is aiming to achieve an internal growth rate of 5% and an earnings-before-tax-and-interest margin of 10% by 2007.
