Italian plant to be closed and production shifted to Schaffhausen, Germany

As a further step in the current package of restructuring measures at the Georg Fischer Corporation, the Piping Systems Corporate Group will shut down production at Georg Fischer TIL Spa in Genoa, Italy at the end of this year and will transfer manufacturing to the plastic products plant in Schaffhausen, Germany. This step will exploit the existing potential for improving efficiency in the manufacture of PVC fittings for industrial systems in Europe while reducing existing overcapacity. The restructuring in Italy will already have a positive impact on the bottom line of the Piping Systems Corporate Group in 2004.
Georg Fischer TIL Spa in Genoa currently employs 30 people. The plant closure and the layoffs will take place in the scope of a socially acceptable severance plan that will be negotiated with union representatives.