Winterthur, Switzerland – Operating loss and business impairments will drive auto interiors company Autoneum into a high double-digit million net loss in 2019.
There are problems in North America. The business there is facing cost cutting and undergoing a business turnaround programme. The situation has not been helped by 'deficient ramp-ups' of production at the company's two sites there. Research into new mobility will move to the headquarters from Sunnyvale, California.
The slowing automotive industry and medium-term forecasts of low growth have led to staff cuts at the group's headquarters in Winterthur.
Low automotive market growth also means that the company will need an extra year to implement its mid-term target of returning to sound profitability. Earlier this year, the company expected to achieve sound profitability in 2021. This now looks likely to happen in 2022.
The loss level predicted for 2019 includes operating losses and one-time charges for business impairments.