Rising like a Phoenix - Schweizer Electronic AG appointed "Turnarounder of the Year 2010" Schramberg, October 28, 2010 – During a festive ceremony yesterday in Bertelsmann’s Berlin based representative office Schweizer Electronic AG’s CEO, Dr. Marc Schweizer received the award "Turnarounder of the Year 2010".
Schweizer Electronic AG was nominated in the category companies with up to 1,000 employees as they succeeded in being back in the black after a perennial crisis. Literally rising like a phoenix the company was consequently resurrected based on an adjusted strategy, after a fire in 2005 burnt down a big part of the production areas. The years of reconstruction were marked by severe cuts: the close-down of a second manufacturing site, the reduction of workforce by a one-fifth, the optimization of business and production processes and the termination of unprofitable business areas. The economic crisis hit the company in the middle of the restructuring process, leading to a loss of six million Euro in the first half of 2009. The turnaround eventually began to show at the end of last year, supported by a consistent implementation of the company strategy, a close cooperation with banks and the foundation of a partner network.
„I accept this award on behalf of our employees“, says Dr. Marc Schweizer. „We express a big ‘Thank You’ as this prize is a result of their engagement, creativity and loyalty, particularly during the years of crises. Economic success can only be achieved if everyone contributes to it and our staff proved this in an impressive way. Given our improved economic situation, we will ultimately be able to reward our workforce. Our appreciation also includes our customers, suppliers, banks and partners for their long-term loyalty and successful cooperation.“
Together with his fellow board members Marc Bunz (CFO) and Bernd Schweizer (COO) Dr. Marc Schweizer is currently planning further strategic steps within the company’s core business printed circuit boards (PCB), but also towards diversification and optimization of the value chain. Corresponding decisions and measures are expected to being taken within the coming quarters.
The award „Turnarounder of the Year“ is granted by auditing company BDO and the business magazine ‚impulse’ and honours the performance of German companies whose management and staff succeeded in maintaining company and jobs despite a difficult economic situation. The prize is awarded in three company size categories, i.e. up to 500, up to 1,000 and more than 1,000 employees.
In July Schweizer Electronic AG reported in their mid-year financial report a significant increase in revenues by 80% and is expecting a turnover of about 90 to 100 million Euro for 2010. This successful growth is also based on a cooperation with their partner Meiko Electronics. Within the last two years the company’s share price increased from 2 Euro to a current price of around 26 Euro.