Polytec sackings ahead
Car industry supplier Polytec is considering laying off staff despite a rise in earnings and turnover.The Upper Austrian company, which has its headquarters in Hörsching near Linz, said today (Weds) that company turnover rose by 26.9 per cent to 550.2 million Euros year on year in the first nine months of 2010.Polytec added earnings before interest and taxes (Ebit) improved to 9.8 million Euros after losses of 25.1 million Euros between January and September 2009.The firm said it nevertheless planned to dismiss staff currently working at its plants in Germany and Spain.Speaking about the dismal performance of its automotive systems division, the company described its facilities in the German town of Waldbröl and in Zaragoza, Spain as “problem factories”.Polytec explained the sites were “developing in an unfavourable way”, adding that staff figures will be reduced at both factories “to a reasonable number”. It did not say when the affected workers will be made redundant, and also remained tight-lipped over how many employees face the chop.The car parts manufacturer, which has around 5,900 employees, said reaching an annual turnover of around 750 million Euros was “possible”.Polytec, which has been listed on the Vienna Stock Exchanges (WBAG) prime market since 2006, said recently Alice Godderidge is its new CMO after Andreas Jagl left the company to join multi-industrial firm Johnson Controls.