Swiss OC Oerlikon's orders fall due to postponements in polymer unit (updated)
03/05/2023 06:16
(Adds polymer unit orders, revenue, context)
May 3 (Reuters) - Swiss industrial group OC Oerlikon
OERL.S reported a 13.9% drop in its first-quarter order intake
on Wednesday, citing postponements in its key polymer processing
business driven by softer filament demand in China.
Bracing for a tough 2023, the Swiss firm in February said
it was planning to cut 800 jobs from the polymer processing
division that already saw its core earnings drop by more than a
fourth in the last three months of 2022.
The polymer business, which supplies the textile, automotive
and chemicals industries, recorded a 28% drop in first-quarter
orders to 298 million Swiss francs ($334.5 million), compared to
415 million a year earlier.
The group's total order intake fell to 681 million francs
from 790 million in the first quarter of 2022.
Its revenue rose 5.4% to 735 million francs in the quarter,
driven by a 12.5% increase in its surface solutions division.
($1 = 0.8910 Swiss francs)
(Reporting by Paolo Laudani and Johannes Toft Thyssen in
Gdansk; Editing by Milla Nissi)
((JohannesToft.Thyssen@thomsonreuters.com;))