Zurich, Switzerland – Conzzeta, the Swiss holding company which owns FoamPartner, has hinted that a sale or disposal is getting close.
The company said in a business update that it has 'completed the preparations to divest the two other business units, subject to market conditions, and continues to engage with potential buyers.' The two businesses include FoamPartner.
Conzzeta said that it has implemented its Cash, Cost, Complexity programme to counteract the effects of the coronavirus pandemic. By the end of 2020 this programme should have increased EBIT by CHF 40m ($42m).
Business has been hard in the first two quarters of the year. Although the company made CHF 45m by selling a business in the first quarter, this will not be enough to 'offset the significant drop in operating result in the first half of 2020.'
Conzzeta expects that it will make a 'mid-double-digit million CHF operating profit with substantially lower net sales.' Order volumes are down across all business units.
Conzzeta contains FoamPartner and Mamut out-door clothing products, both of which are to be divested. The disposals will allow the company to focus on metalworking.
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