Automotive division posts strong international growth. CEO to head the division ad interim

Media Release

Automotive division posts strong international growth. CEO to head the division ad interim

CEOto head the divisionadinterim

The Schaffner Group is enjoying strong international growth in its business with components for convenience and safety features in cars as well as electronic components for hybrid and electric vehicles. Intensification of product development activities and globalization of sales have resulted in several successful project acquisitions. For example, deliveries of components for keyless entry systems for a leading global automobile manufacturer have already begun, while preparations are in the pipeline for series production of components for vehicles with hybrid drive systems for another car manufacturer. As already communicated in the 2011/12 interim report, the Schaffner Group expects that the strong demand from the global automobile industry will allow the Automotive division to achieve its sales target for fiscal 2014/15 of CHF 40 million as early as fiscal 2013/14, one year earlier than planned.

In order to have the best possible structures in place to deal with the surge in growth, the Schaffner Group is aligning the Automotive division's management and processes. The Board of Directors of Schaffner Holding AG has appointed Chief Executive Officer Alexander Hagemann as interim head of the Automotive division with immediate effect. Jean-Michel Calleri, who had previously headed the division, is stepping down from Schaffner Group Management.

The Board of Directors of Schaffner Holding AG expresses its thanks and appreciation to Jean-Michel Calleri for his great dedication and instrumental role in successfully building up the Automotive division.

Luterbach, November 9, 2012

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