Swiss SIG Confirms Arms Division Sale To German Investors
Wednesday October 4 7:35am
Source: Dow Jones
NEUHAUSEN, Switzerland -(Dow Jones)- Swiss packaging technology company SIG Swiss Industrial Company Holding Ltd. (Z.SIZ) has sold its small firearms division to two private investors in Germany as of Jan. 1, 2000, the company confirmed Wednesday in a press release.
The price of the transaction wasn't disclosed.
The sale concerns 90% of the Small Arms Division and is subject to the approval of the monopolies commission, SIG said.
The unit's German plants are to be sold entirely, while the Swiss plant is subject to a partial sale concerning the manufacture of assault rifles, SIG said.
"A majority of jobs in the small arms division can be secured," the company said, putting the total of jobs secured at 700.
The best-known products of the arms unit are Mauser pistols and SIG machine guns.
In August, SIG had said that it would focus on its packaging technology units.
In 1999, SIG reported total sales of some CHF2 billion. No data, however, is available regarding the small arms unit's sales.
-By Anne Ruesing; Dow Jones Newswires; +41 1 212 21 81; anne.ruesing@dowjones.com
(This story was originally published by Dow Jones Newswires)
Copyright (c) 2000 Dow Jones & Company, Inc.
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