Zug, 18.06.2020

Metall Zug expects damage amounting to millions

The main business of the Metall Zug Group is suffering from the consequences of the Covid-19 pandemic. There was also a cyber-attack in the USA.

The Metall Zug Group has not been able to completely escape the consequences of the Covid-19 pandemic. The core businesses have been mainly affected, and there was also a cyber-attack in the USA. The spin-off and stock market listing of V-Zug Holding is to proceed as planned, however. New orders and sales In the Medical Devices, Wire Processing and Infection Control divisions suffered as a result of pandemic containment measures, reported the Group in a statement on Wednesday. The figures were down compared to the prior year,

Damage due to cyber attack
The Medical Devices division was also the victim of a cyber attack in the US in April 2020, said the Metall Zug Group. An intra-group payment was transferred to an incorrect account. Investigations into the finding of the perpetrators are ongoing, but are not promising. According to the current situation, a loss of CHF 2.5 million is expected.

Impressions from the production of V-Zug appliances at the company site in Zug.

The V-Zug Group, however, for which the spin-off is planned, has been less affected by the consequences of the pandemic so far. It is true that the corona measures affected productivity in production and prevented sales support measures. Work on various problem areas has progressed well, however.

The shares of the manufacturer of household appliances are to be traded on the Swiss stock exchange, as planned, from 25 June 2020, stated Metall Zug.

Metall Zug does not expect the situation to ease rapidly after the corona pandemic, and the short-term development is difficult to estimate, the statement continued. The company has taken measures to mitigate the negative effects. Thanks to the good liquidity, however, important strategic projects are being continued as planned.