Oerlikon Group participates in sales auction of Swiss Sulzer’s Metco division

Oerlikon Group participates in sales auction of Swiss Sulzer’s Metco division

As TextileFuture predicted for some time, the major shareholder, Russian Viktor Vekselberg, of both Swiss Oerlikon Group and Sulzer Ltd., is trying to regroup the business divisions of Oerlikon, and is bidding in the auction of Swiss Sulzer’s Metco division (surface technologies)  

Vekselberg owns 47 % of Oerlikon Group and 31.1 % of Sulzer Ltd. Sulzer Metco would complement Oerlikon Coating Division. Metco has a broad offering of coating systems, material and services, where as Oerlikon Balzers is focused on coating services for tools and components and entertains 90 coating centres worldwide. In the first semester of 2013 Sulzer Metco reported a turnover of CHF 355 million with an EBIT margin of nine percent. Oerlikon’s coating division had a turnover of CHF 251 million an EBIT margin of 20 %.

Observers fear a collision of interests because Vekselberg’s Renova provides board members in both of the companies. A group of independent board members at Oerlikon should survey that the bidding process is quasi neutral and under observation of stringent Corporate Governance rules.

TextileFuture voices the opinion that even if this acquisition transaction is crowned with success this will not be the end of the regrouping of Oerlikon that could affect also the textile machinery business as largest business group within Oerlikon. TextileFuture will closely survey further moves and keep you posted.

www.oerlikon.com

www.sulzer.com


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