SwissTex Winterthur AG, a Switzerland-based manufacturer of extrusion lines for bulked continuous filament (BCF) and technical and industrial continuous filament applications, has announced it is restructuring its operations in response to price pressures and the current strength of the Swiss franc vis-à-vis the euro and the U.S. dollar, in addition to other factors including delivery and project startup delays. These factors have led to high losses in the last year and adversely affected the company's cash flow. As a result, the company plans to focus on a few activities that produce strong profit margins. The restructuring may adversely impact employment for approximately 80 of the company's 91 workers.

According to a statement on the website of Dalton, Ga.-based SwissTex America Inc. — North American supplier of customer service, parts and sales of SwissTex Winterthur's extrusion lines as well as twisting and cabling machinery manufactured by SwissTex France S.a.s., which is currently operating under a Chapter 11-type regulation of the French courts — the restructuring does not apply to SwissTex America, a Georgia corporation that is wholly owned by Elichai Hoenig, president. The statement continues: "SwissTex America's financial situation is solid and stable and we look forward to continuing to provide our customers with quality parts and service."

March 27, 2012