Bucher Emhart Glass recorded a drop in order intake and sales by more than a third in the first quarter of the year.
30% drop in order intake and sales from its high levels in the same period of 2019.
In its first quarter financial report, the Swiss engineering company reported sales of CHF 84 million ($86.9 million) compared to CHF 130 million ($134.5 million) in the same period of 2019.
This is a 30.1% drop after currency, acquisition and divestment effects are taken into account.
The glass forming and inspection specialist said it was due to postponements in connection with the switch to the new ERP product management system and the repercussions of the pandemic.
It had temporary production shutdowns in China, Malaysia and partly in the USA, while travel restrictions made it difficult or impossible to install the systems at customers’ sites.
But its order book continued to grow, rising by 12.2% from the previous year to CHF 253 million ($261.8 million) compared to CHF244 million ($252.5 million) the year before.
In a financial note - which commented on all five of the group’s divisions - Bucher Industries, said: “The ongoing COVID-19 crisis has significantly increased the uncertainty and is likely to have an increasingly negative impact on demand for the products and services of Bucher Industries.”
The group has expanded its committed credit facilities by CHF 140 million to CHF 300 million.
14.05.2020, Bucher Emhart Glass
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