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Article: Georg Fischer divesting casting facility in restructuring.(Around the World)
- Article from:
- Modern Casting
- Article date:
- July 1, 2009
CopyrightCOPYRIGHT 2009 American Foundry Society, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Georg Fischer (GF), Schaffhausen, Switzerland, announced that its GF Automotive division will sell its light metals casting facility in Gleisdorf, Austria, to industrial holding company Bavaria Industriekapital, Munich, Germany, for an undisclosed amount.
According to a press release issued by GF, the divesture is part of a broad-based restructuring in which the company will attempt to cut its total costs by more than $3.25 million.
"We have reacted swiftly and purposefully to the economic crisis and have already reduced costs substantially," said Yves Serra, GF chief executive officer. "Our task in these difficult times is to take far-reaching measures. ...