The losses of Swiss companies Vekselberg for the year exceeded $500 million

Published March 24, according to the annual report of the Swiss steel company Shmolz+Bickenbach, in which “Renova” belongs to USD 40.46%, the company’s net loss in 2015 of $186 million against a profit of $56 million in 2014. As the CEO of the company Clement Iller, last year the company faced a sharp drop in the prices of raw materials, reduced investment in the oil and gas sector (Shmolz+Bickenbach produces high-strength structural steel that is used including the oil and gas companies) and adverse exchange rate changes.

Other Swiss companies “Renova” in 2015, also showed weak financial results. Net loss Oerlikon (the share of “Renova” — 44,4%), specialising in semiconductor technologies, in 2015 amounted to 418 million Swiss francs ($428 million compared with net profit of $208 million a year earlier).

Investment company fully recon Immobilien, specializing in real estate investments, according to the report for the first half of 2015-2016 financial year, posted a loss of $24.5 million

Profitable were only machine-building company Sulzer, in which “Renova” belongs to 62,86%. According to the report, the Sulzer profit in 2015 amounted to $75 million (compared with $281 million in 2014).

Thus, the total losses of the Swiss assets “Renova” for the year amounted to about $560 million.

Sulzer, Oerlikon and fully recon Immobilien Renova acquired during 2005-2007, when the holding of Victor Vekselberg began to actively invest in foreign assets. Share in Shmolz+Bickenbach Renova acquired in 2013.

Against the background of weak results at companies personnel shifts were carried out. In early March it was announced the appointment as CEO of Oerlikon Robert Fisher, former head of the energy division of Siemens. In November last year, has replaced the CEO of Sulzer — his position as CEO was taken by former head of engineering company Alstom Grid Greg PU-Guillaume. In early March the CEO of the Swiss branch of Renova, Renova Management, the former head of Siemens, Peter Loescher was ousted from his position, becoming Vice-President of the company.