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SWISS BUSINESS NEWS

 

 

WINTER 2002 -2003

 

 

 

Top of the News

 

A. T. Kearney and Foreign Policy magazine on January 7 released their 3rd annual Study of World Globalization in which Switzerland again scored 2nd after Ireland and ahead of Sweden, Singapore and the Netherlands. The U.S. came in 11th. The Index measures economic, social, political, and technological integration in 62 countries representing 85 percent of the world's population and more than 95 percent of world economic output. The report on Switzerland noted the country was buoyed by a strong reputation as an international financial center and income payments from investments overseas, which totaled $7,670 for each citizen in 2001. Swiss citizens made an average of 1.85 international trips per person in 2001, second only to the Czech Republic.

 

 

 

Wins and Updates

 

Robbins & Myers, Inc., based in Dayton, Ohio, announced the formation of its new European headquarters in Zurich. The multinational conglomerate whose stock trades under the symbol RBN on the New York Exchange is a manufacturer and marketer of equipment for the pharmaceutical, energy, specialty chemicals, water and wastewater treatment industries.

 

Greenberg Traurig LLP, one of America's top twenty largest law firms is opening an office in Zurich. The Zurich office will be headed by Swiss lawyers Markus w. Barmettler and Andreas Erb, well known international tax and entertainment lawyers with significant US connections. More about the firm and its practice at www.gtlaw.com

 

Morinda, Inc. headquartered in Provo, Utah has established a Swiss subsidiary. The seven-year young company with estimated sales of $1 billion worldwide is the exclusive producer and distributor of Tahitian Noni juice and related cosmeceutical products. Mr. Robert Kiesinger heads the Swiss market.

 

Cargill, Inc. with its already substantial presence in Switzerland announced the purchase of family owned animal feed and flour milling company Provimbi Liba SA. The acquired company is based in Panthalaz in the Canton of Vaud. And, on the US side, Wilbur Chocolate, another unit of Cargill, has purchased Peter's Chocolate from Nestle USA, making it the top US supplier to the confectionery trade.

 

On the joint venture front, Swiss electrical appliances manufacturer Jura reportedly has entered into a marketing agreement with US company Capresso, Inc. The goal of the Jura-Capresso joint venture is to enhance the share of the company's position in the household coffee machine market.

 

On the NGO front, the Swiss city of Lugano is to become the permanent European headquarters of the New Partnership for Africa's Development. The organization was established in 2001 to help promote economic growth on the African Continent.

 

 

Other News

 

Serono, Europe's leading biotechnology company and the third largest in the world, has set aside SFr 500 million ($332 million) to create a major research campus at its headquarters in Geneva. Called "Horizon Serono," the project will involve all the company's research staff joining the administration and marketing departments at a new purpose-built facility

 

Also in the world of biotechnology a new Biotech Center was recently opened in Schlieren (Zurich). ESBAtech, Prionics, Cytos Biotechnology and The Genetics Company, which jointly opened the Center, are all spin-offs either from the ETH or the University of Zurich. The opening of the Center led to the creation of 250 highly skilled jobs.

 

2002 was a record year in Switzerland for so-called management buyouts (also called company spin-outs). According to statistics released by the Swiss Private Equity & Corporate Finance Association (SECA), 35 companies or significant parts of companies were sold to members of corporate management last year. The transactions cumulatively affected 50,000 employees. Included among these transactions were Candover's acquisition of SwissPort, Texas Pacific Group's purchase of Gate Gourmet, 3I's buyout of SR Technics, EDS's takeover of Attraxis (all formerly a part of SairGroup), management buy-outs at pump maker Sulzer Burckhardt and steel maker Robert Aebi and the formation of Uster Technologies from Zellweger Luwa. All these deals attracted international buyout teams interested in acquiring these valuable Swiss assets.

 

MPM Capital, a Boston based venture firm has reportedly raised $900 million for a new Life Science Fund in which Switzerland's Winterthur Life & Pensions is a prominent investor. The development underscores that Swiss companies remain a major source of financial support for promising research and disease experimentation.

 

 

Swiss Investments in North America

 

In the United States, Swiss Post International (SPI) is in the process of acquiring Baltimore, Maryland-based Priority Post. Priority Post specializes in the mass mail market and is likely to serve as a further entry for SPI in the all-important North American marketplace.

 

The Kuhn Group (part of Bucher Industries) AG reportedly has agreed to acquire Knight Manufacturing Corporation. Knight is an agricultural machinery manufacturer based in Broadhead, Wisconsin. Knight employs 250 persons and has sales of approximately $45 million.

 

U.S. flavors and ingredients company International Bioflavors Inc was bought by the world's second biggest flavors and fragrances company Givaudan. The reported acquisition cost was $21 million.

 

And Cary, North Carolina will become the new overseas address for Switzerland based Colibrys SA. The company claims to be the Europe's largest independent MEMS manufacturer and it is striving to achieve the same leadership position in the US.

 

In Canada, Swiss pharmaceutical giant Novartis will invest $15 million to build a new national head office building. The new national headquarters building is expected to be completed in autumn of this year and will house about 350 persons currently located in two separate buildings in Dorval, Quebec.

 

 

Publicity and Promotion

 

"Switzerland: The International Management Gateway to Europe" has been updated. Copies of this 8-page brochure promoting investment in Switzerland are available by emailing locswitz@nyc.rep.admin.ch

 

Releases distributed since the previous newsletter:

November 4 - Atlanta, Houston and Miami roadshows to local business publications

November 5 - MDS Pharma Services Expands Bioanalytical Facility in Switzerland

November 19 - Bulova Corporation Establishes European Headquarters in Switzerland

November 25 - Atlanta, Houston and Miami roadshows to state and local newslines and

Daybooks via PR Newswire

December 17 - Starbucks Establishes Green Coffee Trading Company in Switzerland

January 7 - Symbol Technologies Opens Office in Switzerland

January 14 - Switzerland Takes 2nd Place in 62-Country Ranking of World Globalization

 

In the queue: Serono establishes "Horizon Serono" research campus in Geneva, J&J's operations in Switzerland, Dow expands in Horgen, Open Text consolidates in St. Gallen.

 

 

 

News from Location Promotion Switzerland