Tyrolit posts turnover for 2001

Austrian producer of bonded grinding, cutting-off, sawing and drilling tools Tyrolit posted EUR 465 million turnover for 2001, unchanged from 2000, Tyrolit“s CEO Jakob Mosser said on 13 March 2002.

Austrian producer of bonded grinding, cutting-off, sawing and drilling tools Tyrolit posted EUR 465 million turnover for 2001, unchanged from 2000, Tyrolit“s CEO Jakob Mosser said on 13 March 2002. Tyrolit, which is part of Swarovski concern, failed to meet its planned 2% rise in turnover. Earnings before interest and tax (EBIT) rose by 10% year-on-year, Mosser added. The operative cash flow rose 15% year-on-year. Tyrolit invested EUR 14.5 million in 2001 and failed to meeet its investment plan worth EUR 25.4 million. The company said it has not planned increase of investments for 2002. In 2002, Tyrolit expects no change in 2002 turnover remaining at 2001 level. The company plans a 3% year-on-year rise in EBIT for 2002 and improvement of the cash flow by increasing the company“s market share, cutting production costs and products“ price increase in the precison tools segment. Tyrolit has 22 plants in 10 countries worldwide and employs 3,430 people, of which 1,240 work in the company“s headquarters in Schwaz.