Pfäffikon SZ, 26 February 2010 - Oerlikon Group's negotiations with its lending banks on the restructuring of the Group's finances are progressing. Oerlikon believes that it will be able to reach an agreement with its lending banks by the end of March 2010. "Good progress has been made on a comprehensive restructuring solution which will provide a firm foundation for Oerlikon going forward," stated Vladimir Kuznetsov, Chairman of the Board of Directors of Oerlikon Group. "We are preparing for the prompt implementation of key measures, including a capital increase during the second quarter. In parallel, we are continuing intensive efforts on the operational restructuring programs announced earlier," commented Jürg Fedier, CFO of Oerlikon.
Oerlikon will provide further details on the agreement along with the disclosure of its annual results on April 1st, 2010.
Oerlikon (SWX: OERL) is one of the world's most successful high-tech industrial groups specializing in machine and plant engineering. The company is a leader in the field of industrial solutions and innovative technologies for textile manufacture, thin-film solar and thin-film coating, drive, precision and vacuum systems. With roots in Switzerland and a long tradition stretching back 100 years, Oerlikon is a global player with a workforce of more than 16,000 at 180 locations in 37 different countries. The company's sales amounted to CHF 4.8 billion in 2008 and it ranks either first or second in the respective markets.