• Turbocharger- and light metal components to drive forward business following completion of self-administered insolvency schem
• CIMOS reaching net profit in Quarter I of 2015
/INS. Slovenian automotive supplier CIMOS, headquartered in Koper, is back again to generate strong growth in its European markets. The announcement was made by the company after the official completion of its self-administered insolvency proceedings. The financial and operational restructuring process began in May 2014 and improvements continue to be made. In Quarter I of 2015 CIMOS has already reached Net profit and Management expects sales and profitability to be in line with plan in 2015.
CIMOS currently supplies several OEMs, such as Ford, BMW, PSA and Audi, with powertrain and kinematic components. A significant share of its sales of around EUR 340 million CIMOS generates with components for turbochargers supplied to Honeywell Turbo Technologies, Bosch Mahle Turbo Systems and Borg Warner Turbo Systems, making CIMOS one of the biggest supplier of turbocharger components in Europe. CIMOS is also one of the largest companies in Slovenia and accounts for 1% of Slovenia’s gross domestic product.
“During the restructuring we were not able to acquire new customers. We are now back again to win new business,” said current CEO Dr. Janez Gradišek. With this goal in mind, CIMOS has been investing in the development of new products over recent months. The primary driver of growth remains the increasing prevalence of turbocharger components, which are indispensable for downsizing engines and achieving the associated reduction in consumption. Furthermore, CIMOS is also developing several components for chassis, brake systems and drivetrains in lightweight design, some of which can already go into series production.
Since August 2014 the new Supervisory Board has been headed by former Porsche CFO, Walter Gnauert, and Dr. Peter Stehle, who was previously a member of the Executive Board of the Freudenberg Group.
The new owners of CIMOS are now banks and the Slovenian state who have already initiated the privatisation process.
CIMOS was formed in 1972 as a joint venture between Citroen and the Slovenian automotive manufacturers Iskra and Tomos. During the 1980s, CIMOS established itself as a supplier of the European automotive industry. Following Slovenia’s independence, the company was converted into a public liability company. In the course of the financial crisis beginning in 2008, the company experienced economic difficulties, which were overcome in the course of a far-reaching restructuring as part of a self-administered insolvency scheme finally resulting in net profit beginning of 2015. CIMOS has 16 production sites in Slovenia, Croatia, Bosnia-Herzegovina and Serbia. In 2015, the company expects sales of ca EUR 340 million. Currently it employs 5,800 people.
Further information and photos can be downloaded from www.cimos.eu; firstname.lastname@example.org
Nataša K. Hrabar
Tel. + 386 (0)5 6658 470
Tel. +49 (0)69 5770 300-11