Daetwyler Rubber to work short time in automotive component production from January

Daetwyler Group's results on track for 2008

(PresseBox) (Altdorf, ) In the wake of the global crisis in the financial and automotive industries, the Daetwyler Group's Rubber Division has seen a sharp decline in demand in recent weeks. The division operating as Daetwyler Rubber is responding by putting workers in the mixing facility and automotive component production at the Schattdorf facility on short time from 9 January 2009. Out of the total workforce of 450, this will affect 170. This measure has become necessary because the cutback in temporary jobs, reduction of flexitime credits and an extended year-end plant shutdown have not sufficed to compensate for the fall in demand. The current drop in demand has been sharper and, especially, faster than ever seen in previous economic slowdowns.

Although revenue has slipped during the last quarter, the Daetwyler Group's profit for 2008 will be in line with the announced guidance of approximately CHF 100 million. This is due both to the very good first half of the year and to the fact that Daetwyler reduced the share of Group revenue from the automotive industry from 22% to 8% when it sold the Precision Tubes Division at the end of 2007. Short-time working will only apply to some 3.5% of Daetwyler Group employees.

Dätwyler Holding AG

The Daetwyler Group is an international multi-niche player dedicated to industrial component supply and distribution of engineering and electronic components. Its activities concentrate on attractive markets and niches that offer opportunities to increase value added and sustain profitable growth. Daetwyler's four divisions - Cables, Rubber, Pharmaceutical Packaging and Technical Components - are focused on the manufacturing, pharmaceutical and datacom industries. With more than 50 operating companies, sales in over 100 countries and some 4,900 employees, the Daetwyler Group generates approximately CHF 1,400 million in revenue. The Group has been listed on the main board of the SIX Swiss Exchange since 1986 (security number 3048677).

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