Personnel measures at Schaffhausen location

This announcement supplements today's media release issued by Georg Fischer AG on its structural programme and contains additional information on the Schaffhausen location.

GF AgieCharmilles is feeling the impact of the worldwide slump in demand in the machine tool industry. At its two plants for high speed milling machines in Switzerland, capacity utilisation has plunged sharply. The Corporate Group therefore plans to concentrate production for this technology at the main location in Nidau. The plant in Schaffhausen is to be closed, affecting 50 employees. For GF AgieCharmilles the consultation phase with the employee representatives has begun.

GF Piping Systems is also feeling the global recession, though less acutely. Nevertheless, the Corporate Group is preparing for the future by streamlining its organisation and boosting its competitiveness. At the Schaffhausen location, 42 jobs will be lost. For GF Piping Systems the consultation phase with the employee representatives is completed.

A social plan has been set up for the GF AgieCharmilles and GF Piping Systems employees affected. The plan will provide support in reorientation, equalisation for any gap in pension fund coverage, leave of absence for seeking employment, severance pay, a contribution to removal costs, and early retirement schemes.

Yves Serra, CEO of Georg Fischer AG, stresses that, while very painful, these measures are unfortunately unavoidable. "The planned changes at the Schaffhausen location will help preserve the competitiveness of Georg Fischer and secure the Corporation's future."