Swiss plastic composites component producer to close down due to steep decline in sales

15-Apr-09

Feintool, Switzerland-based machine technology and systems supplier, recently announced to close its 'Plastic/Metal Components' segment, the smallest in the company, by October this year citing declining volumes led by economic downturn. Due to uncertain outlook, Mühlemann AG in Biberist, which specializes in plastic composite components and is the headquarters of 'Plastic/Metal Components' will be shut down by March 31, 2010 due to steep falling sales led by decline in automotive market and alck of new product development The company will vertically integrate North American activities with a clear global operating structure having three newly formed segments: Fineblanking Technology (fineblanking/forming systems, tools and technology services), System Parts (component supplies) and Automation (assembly systems, assembly components and riveting systems). According to the company board, these measures will bolster core competencies and customer proximity in the current difficult economic climate.