Polytec achieves turnaround

Automotive industry supplier Polytec Holding AG (Polytec) managed to get back in the black last year, according to preliminary figures.The Hörsching-based firm said today (Thurs) that preliminary results suggest that the annual turnover rose by 27 per cent year on year to 770 million EurosPolytec added its earnings before interest, taxes, depreciation and amortisation (Ebitda) “will have reached at least 50 million Euros” last year, adding that net debts were lowered by around 50 per cent. The company also said its liabilities were slashed from 70 million Euros in 2009 to 28.4 million Euros last year.Polytec – which managed to achieve earnings before interest and taxes (Ebit) of 9.8 million Euros in the first nine months of 2010 after having suffered losses of 25.1 million Euros between January and September 2009 – announced in November that it planned to dismiss staff engaged at its facilities in Spain and Germany. The company branded its plants in the Spanish city of Zaragoza and in Waldbröl, Germany as “problem factories”.The car parts manufacturer is headed by Friedrich Huemer. Polytec, which has around 5,900 employees, has been listed on the Vienna Stock Exchange’s (WBAG) Prime Market since 2006. One share is currently worth 4.74 Euros.