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News Release from: Tornos Technologies
Edited by the Manufacturingtalk Editorial
Team on 30 August 2005
First half of 2005 is buoyant for Tornos
Swiss machine tool builder Tornos reports a marked improvement in profitability, recording net profits of SFr 8.6 million for the first six months of 2005.
A year ago, Tornos forecast 2005 as being dynamic, with improved profitability It added on debt reductions and flexible company structures as foreseen improvements
This article was originally published on Manufacturingtalk on 11 Jun 2001 at 8.00am (UK)
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Tornos has unveiled its new automatic lathe, the DECO 42 f. For the first time, the DECO 2000 concept has been applied to the world of the fixed headstock.
Today, the company reports a marked improvement in profitability, recording net profits of SFr 8.6 million (GBP 4m) for the first six months of 2005 compared with a loss of SFr 4.6 million (GBP 2.1m) in the same period, 2004.
The profit figure represents 7.5% of gross sales.
At the end of June, 2005, equity stood at SFr 94.4 million (GBP 43.6m).
Further reading
Turnkey, multi-spindle lathe has own bar-feeder
At the EMO in Hanover during September of this year, Tornos will unveil as a first throughout the world, its new multi-spindle lathe working on the DECO concept: - the MULTIDECO 32/6 i.
Advanced CNC automatic enhanced further
Since its first appearance at the EMO, Hannover, last year, the Tornos 20a has been further improved aesthetically and the counter spindle increased in diameter.
Modular set-up autos expand subby's business
Needing to increase its flexibility, remain competitive and widen its market opportunities a subcontractor purchased three sliding head turning centres that could be updated as business grew.
Net debt is now SFr 20.7 million ( GBP 9.6m) compared with SFr 35.5 million (GBP 16.4) a year ago.
Business for the first half of 2005 showed a 27.3% growth with a rise in first half gross sales to SFr 115.
4 million (GBP 53.3m) in 2005 compared with Sfr 90.7 million (GBP 41.9m) in 2004.
The order book shows standing currently at SFr 119.1 million (GBP 55m) - representing a 2.3% growth over 2004.
Tornos said that activities were sustained in the Swiss watch-making and medical sectors.
In Germany, the automotive market remained buoyant.
The company also recorded strong growth in Asia, where orders have more than tripled in 2005 and now represent almost 10% of the total volume.
The backlog at the end of June stood at SFr 55.1 million (GBP 25.5m) and will enable Tornos to provide excellent lead times.
At the last general meeting, Tornos recorded the intention of Credit Suisse and Doughty Hanson and Co to sell their holdings in Tornos Holding S.A.
of 24.7% and 27.4% respectively.
The two shareholders had backed the group improvement measures introduced in 2002 and had intended to sell their shares once restructuring was complete.
The Credit Suisse and Doughty Hanson shares have been assigned to institutional investors and a group of shareholders comprising members of the management and the board of Tornos.
This group now holds 10.4% of the capital and is the company's most important shareholder.
* Asia - n the markets front, Tornos opened a Chinese company - Tornos Technologies Asia - in Hong Kong on May 21, 2005.
The new subsidiary will be the regional, commercial and technical support and service centre.
It will distribute parts throughout Asia.
For the whole of 2005, Tornos expects a lower turnover for the remaining six months.
It says that market transparency is still poor and cannot rule out a reduction in demand, as there is no clear indication of how Swiss and German markets will perform during the rest of 2005.
The other European markets remain in recession.
* Machine tools - the Deco 8sp (single-spindle) and MultiDeco 32/6c (multi-spindle) CNC lathes are under field tests.
Tornos plans to introduce the Deco 20s and MultiDeco 32/6c (multi-spindle) CNC lathes at EMO 2005.
The multi-spindle CNC lathes, MultiDeco 32/6c and 20/8d are designed for the production of highly complex parts for the automotive industry, while the single-spindle CNC lathes produce high precision parts of 'reasonably complex shape', or are to serve specific market niches.
(Exchange rate is based on GBP 1 = SFr 2.165 - Ed).
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