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Swiss components maker SFS to go public within year
March 14, 2014 / 1:35 PM / 4 years ago

Swiss components maker SFS to go public within year

ZURICH, March 14 (Reuters) - Swiss engineering components firm SFS IPO-SFSH.S said on Friday it would ask shareholders to vote on the creation of share capital at its annual general meeting in April, opening the way for the company to go public in the next 12 months.

The firm, which makes components and fastenings for the automotive and construction industries, as well as miniature screws for smartphones and tablets, said it planned to float on the stock market by around April 2015.

About a fifth of the firm’s share capital is held by some 650 employees, while the founding families Huber and Stadler plan to retain a majority holding after the initial public offering (IPO), SFS said.

The capital will be used to expand its business, strengthen its equity base and secure long-term financing for a 2012 acquisition, the company said.

SFS, which employs 7,000 full-time workers, posted a rise in net profit to 86.5 million Swiss francs ($99.1 million) in 2013 from 73.5 million the previous year. ($1 = 0.8727 Swiss Francs) (Reporting by Alice Baghdjian)

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