SWISS sells its Crossarc subsidiary

9 January 2003

Swiss International Air Lines has successfully completed the sale of its Crossarc subsidiary. Winpro AG, based in Wintherthur, will take over Crossarc and will incorporate the New Fabrications unit in its own activities. Winpro will also take over a part of the work force. The repair facility at Crossarc will be maintained to a large extent by SWISS.

Crossair Engine Repair (Crossarc) is a and maintenance operation, specialising primarily in aircraft engines. 60 per cent of the turnover comes from maintenance and repair and 40 per cent from the manufacture of new components. Crossarc was taken over from Sulzer Triebwerk AG in 1999. On November 11 last year, SWISS had to announce the closure of its Crossarc subsidiary in Wintherthur.

In Winpro AG, SWISS has found a suitable purchaser which will continue to operate the New Fabrication unit. The sale was completed on January 1, 2003. No details of the transaction are being released.

Another solution was found for Crossarc’s repair activities. Some units and staff have been taken over by SWISS. Severance packages are being worked out for redundant staff.

Bearing in mind the current difficult economic situation, SWISS is very pleased that, within the framework of this restructuring of Crossarc, most of the work places are being maintained.

Winterthur-based Winpro AG manufactures complex mechanical systems in the field of mechanical engineering. Its products are used in metal working and electrical installation industries, particularly in the contract manufacture of trains. Winpro emerged from the production side of the richly traditional Swiss Lokomotiv- und Maschinenfabrik Winterthur and currently has a work force of about 160.