Georg Fischer has several internal candidates for CEO - SonntagsZeitung | Reuters

ZURICH Machinery, pipes and car-parts maker Georg Fischer (FIN.S) is grooming several internal candidates to replace Chief Executive Yves Serra when he turns 65 in two years, the Swiss company's chairman, Andreas Koopmann, told the weekly SonntagsZeitung.

Serra, also interviewed for the article published on Sunday, told the newspaper the Schaffhausen-based company is considering broadening its range of products to include parts for aircraft.

Expanding in a new sector would require acquisitions, he said, in part to ensure the company meets the aviation industry's safety standards.

"We can't start from scratch by developing everything ourselves," Serra told the newspaper. He did not name potential targets or how much the company may be willing to spend.

Georg Fischer is building a new 100 million-Swiss franc ($100 million) milling machines plant in Biel, Switzerland, that will employ 460 workers, including about 350 from other locations in a move to consolidate its Swiss operations, and about 110 additional employees.

Serra told the newspaper that it was also expanding factories in India, Malaysia and the United States, where it is building a light metal foundry.

Serra said the company also plans to add workers in China, where it now has 23 factories.

($1 = 0.9942 Swiss francs)

(Reporting by John Miller; Editing by Andrew Bolton, Greg Mahlich)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Published Date: May 29, 2016 11:30 pm | Updated Date: May 29, 2016 11:30 pm


Also See