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Please find below all Forbo media releases listed by year.
Forbo has repaid CHF 173 million in liabilities in connection with the US private placement
- Second-last portion of the US private placement has been repaid
- Considerable reduction in net debt expected by the end of 2009
- Improved result confirmed for the second half
Baar, December 15, 2009
Forbo repaid a further portion of the US private placement and the related derivatives, totaling CHF 173 million. The coupon on the portion repaid was 5.79%. This step marks a further optimization in Forbo's financial structure. Furthermore, net debt should also decline considerably as per year-end 2009. The third and last portion of the US private placement, amounting to USD 50 million, falls due for repayment in 2012.
Due to the early steps taken to adjust the company’s structures to the difficult economic conditions and the successfully implemented measures to improve efficiency, Forbo expects – as announced in August – an improvement in operating profit in the second half of 2009 compared with the first half. Barring any exceptional circumstances before the end of the year, Forbo expects a net profit of close to CHF 70 million for the full year 2009.
Forbo will present further details at the Annual Press Conference on March 15, 2010.
Forbo is a leading producer of flooring systems, adhesives, as well as power transmission and conveyor belt solutions. The company employs some 6,000 people and has an international network of 44 sites with production and distribution as well as 51 pure sales organizations in a total of 35 countries worldwide. Forbo is headquartered in Baar in the canton of Zug, Switzerland.
Forbo Holding Ltd is listed on the SIX Swiss Exchange (security number 354151, ISIN CH0003541510, Bloomberg FORN SW, Reuters FORN.s).
Contact person:
This E. Schneider
Delegate of the Board of Directors and CEO
Phone +41 58 787 25 49
Fax +41 58 787 20 49
