Georg Fischer Sets Strategy for Success in Recovering Economy
At the company’s March annual general meeting, the shareholders of Georg Fischer AG approved all proposals of the board of directors, elected a new board member, and approved the 2002 annual report. In 2002 Georg Fischer reinforced its market position in a difficult environment and focused successfully on implementing its strategy.
Dr. Kurt Stirnemann was elected to the board, replacing Martin Huber as board delegate and chief executive officer. Huber now serves as chairman of the board. The other seven directors are Dr. Hannes Goetz, vice chairman, Prof. Gertrud Höhler, Prof. Roman Boutellier, Flavio Cotti, Ulrich Graf, Bruno Hug, and Gerold Bührer. Also effective as of the March meeting, Dr. Jürg Krebser took over as president of the Georg Fischer manufacturing technology group (Agie Charmilles) and Yves Serra became president of the piping systems group.
Its withdrawal from the plant engineering business and the value adjustment made on the stake in Coperion resulted in a net loss for Georg Fischer of Fr 20 million in 2002. Although sales declined by 11%, the company maintained or, in some areas, increased its market share. The far-reaching measures taken to cut costs in no way impaired its strength or momentum. Georg Fischer is ready to benefit quickly and powerfully from an economic recovery.