Zurich - Conzzeta Group, which owns the FoamPartner group of polyurethane foam plants, has noted that it expects a fall in profits for 2008 and a consolidated loss for 2009, should current low orders persist.
Conzzeta, headquartered in Zurich, said in a 19 Dec statement that, "The effects of the financial crisis and the worldwide downturn in the closing months of the current financial year have brought an unexpectedly sharp fall in the intake of orders."
According to Conzzeta, this has had "a particular impact on Machinery and Systems Engineering," which account for around three-quarters of its consolidated net revenue.
Noting that the downturn will affect its figures for 2008, with "a marked fall in profits compared with 2007," Conzzeta added that, "should the slump in orders persist in the new year, a consolidated loss can be expected for fiscal 2009."
But the group added that its "solid financial fundamentals will enable us to make a measured response to this situation in order to safeguard the long-term competitiveness of our businesses."
Conzzeta is an internationally active industrial holding group, with over 3500 employees worldwide. Its core business areas are machinery and systems engineering, as well as the foam units. FoamPartner has five plants, in Germany, France, Switzerland, the US and a joint-venture operation recently inaugurated in China. It also recently bought another speciality foam operation, Kureta GmbH & Co. KG, headquartered in Stadtallendorf, Germany.