Autoneum
Competence Center relocated to Switzerland

As a result of the slowdown in the automotive industry and the continuing low market level forecasted in the medium term, the cost structure at the Group’s headquarters in Winterthur/Switzerland, has been adjusted, among other things, by selective staff reduction. To further reinforce new mobility activities, they will be concentrated at the Research and Technology Center in Winterthur/Switzerland.
A comprehensive assessment by the new Group Management focusing on Business Group North America and taking into account the course of business from January to November 2019 led to a revaluation of the situation. It has become apparent that the problems in North America are not limited to 2 US plants and deficient ramp-ups there. Accordingly, a comprehensive turnaround program focusing on operational excellence and the improvement of cost structures is being developed and implemented in Business Group North America.
Due to the continuing losses of Business Group North America, Autoneum expects a net loss for the financial year 2019 in the high double-digit million range.