Metall Zug Group: First step in the transformation process implemented through V-ZUG spin-off. Various Business Units impacted by COVID. Turnaround at Infection Control confirmed.

Zug, March 18, 2021 - Metall Zug has completed an important step in the implementation of its strategy by spinning off V-ZUG. The changed Metall Zug generated gross sales of CHF 826.3 million in 2020. Adjusted for the effect of the V-ZUG spin-off, sales were down 7.8% on the previous year. The operating result (EBIT) stood at CHF 15.5 million and net income came to CHF 14.3 million.

Metall Zug is evolving from a corporate industrial group into a holding company of industrial enterprises with the potential to generate added value. Metall Zug achieved its first milestone in this context with the spin-off of V-ZUG in 2020. As anchor shareholder, Metall Zug AG continues to hold an approx. 30% stake in V-ZUG.

Stronger Focus

Following the V-ZUG spin-off, Metall Zug and its industrial Business Units are essentially active in two market segments: the Haag-Streit Group, Belimed Infection Control and Belimed Life Science in medical technology, and the Schleuniger Group in wire processing.

In addition, Tech Cluster Zug gives Metall Zug an attractive site of some 60 000 m2 in the city of Zug. Over the next few years, this site is destined to play a significant role in the newly diversified Zug Nord district in terms of urban development and industrial innovation.

Varied Effects of COVID-19

The changed Metall Zug posted gross sales of CHF 826.3 million in the 2020 financial year (previous year: CHF 1 219.8 million). Adjusted for the effect of the V-ZUG spin-off of CHF 289.9 million (-23.8%), the currency effect of -1.7% and the acquisition effect of 1%, the year-on-year decline in sales amounted to 7.8%.

The measures to combat COVID-19 had varying impacts on the individual Business Units. Belimed Life Science managed to increase its sales while those at Belimed Infection Control fell only slightly. The Medical Devices and Wire Processing Business Units on the other hand experienced a clear decline in sales and thus recorded negative operating results. The Techno-ogy Cluster & Infrastructure Business Unit was barely affected by COVID-19 and was thus able to proceed with all its construction projects as scheduled even during the pandemic.

Metall Zug posted an operating result (EBIT) of CHF 15.5 million (previous year: CHF 38.8 million). Adjusted for the effect of the V-ZUG spin-off of CHF 25.9 million (EBIT of the Household Appliances Business Unit in the second half of 2019) and the gain on property transactions of CHF 5.8 million in 2020, the adjusted operating result was CHF 15.5 million down on the previous year (CHF 51.1 million). The previous year's adjusted operating result takes account of the provisions for ground remediation work at the Zug site totaling CHF 13.1 million and the release of a value adjustment on a building in Germany (CHF 0.8 million).

The financial result amounted to CHF 4.4 million (previous year: CHF 4.2 million) and net income to CHF 14.3 million (previous year: CHF 29.2 million incl. the contribution of the Household Appliances Business Unit).

Strong Cash Flow from Operating Activities

Metall Zug generated cash flow from operating activities of CHF 60.2 million in the reporting year. This represents a year-on-year improvement of CHF 46.5 million (previous year: CHF 56.9 million or CHF 13.7 million when adjusted for the CHF 43.2 million in cash flow recorded by the Household Appliances Business Unit in the second half of 2019), which is primarily attributable to the significant reduction in net working capital, achieved particularly by reducing receivables and by active inventory management.

The net cash position came to CHF 67.6 million as at December 31, 2020.

Acquisitions Strengthen Business Units

Metall Zug has strengthened the position of both the Wire Processing and Medical Devices Business Units by making important strategic acquisitions.

The Haag-Streit Group rounded out its offering by purchasing a majority stake in VRmagic Holding AG. The additional technological competency of VRmagic in the fields of digital image processing and virtual reality allows the Haag-Streit Group to strengthen its position in the market in relation to its product offering and development expertise.

Schleuniger set up Cirris Inc. (USA), effective September 2020. The newly founded Cirris Inc. then essentially took over the business of Cirris Systems Corp. Cirris is an established brand in North America and a leading provider of cable and harness testing equipment. This acquisition enables the Schleuniger Group to expand its range of testing solutions.

Medical Devices and Wire Processing Affected by COVID-19 Measures

In 2020, the Medical Devices Business Unit posted gross sales of CHF 169.8 million (previous year: CHF 209.6 million). In 2020, because of the COVID 19 measures, all important exhibitions and trade shows were cancelled. The absence of these trade events contributed significantly to the 19.0% decline in sales. This sales decline led to a negative operating result of CHF -4.4 million (previous year: CHF 16.5 million).

No cutbacks were made to R&D investments so as not to jeopardize the medium- to long-term goals. These investments fill the innovation pipeline and ensure sustainable growth over the coming years.

In addition to the consequences of COVID-19, the continuing slump in demand in the automotive industry had an adverse effect on the Schleuniger Group's sales.

The Wire Processing Business Unit posted gross sales of CHF 150.4 million (previous year: CHF 207.8 million). It was not possible to offset this 27.6% drop in sales with cost-cutting measures, thus leading to an operating result of CHF -6.0 million (previous year: CHF 9.8 million).

Infection Control Confirms Turnaround

The results achieved by the Infection Control Business Unit confirm that the decision taken in 2018 to split the Belimed Group into Infection Control and Life Science was correct.

The Business Unit posted gross sales of CHF 178.0 million (previous year: CHF 187.4 million) and an operating result of CHF 8.9 million (previous year: CHF 0.9 million) in the reporting year. Even leaving aside one-time effects from property transactions (CHF 5.8 million), Belimed Infection Control generated a positive operating result.

Potential of Tech Cluster Zug Becomes Visible

The Tech Cluster Zug is being created on V-ZUG's main site in the city of Zug. It is intended to exploit the as yet untapped potential of this site and make it visible in the form of income from property.

A letter of intent has been signed with SHL Medical AG for the development of the 'Südtor' building lot, where a combined production and office building is to be built for SHL Medical. Furthermore, a letter of intent for the construction and sale of a high-rise office block was concluded with VZ Depository Bank AG in February 2021. The building is eventually meant to serve as VZ Depository Bank's new headquarters.

These two projects have moved the development of the Technology Cluster Zug forward earlier than planned.

New Reporting Segment 'Others'

Due to the spin-off of V-ZUG, the former Belimed Life Science Business Unit, Gehrig Group AG and the Corporate reporting segment (Metall Zug AG) were grouped together in the new reporting segment 'Others', effective January 1, 2020.

The reporting segment posted gross sales of CHF 75.7 million in the reporting year (previous year: CHF 76.4 million) and an operating result of CHF -1.1 million (previous year: CHF -1.1 million).

Belimed Life Science demonstrated in 2020 that it is fully capable of holding its own in the market as an independent entity by significantly boosting its sales and recording a positive operating result.

Gehrig Group's sales and operating result fell due to COVID-19 and the related measures, especially in the hotel and catering sector.

Successful Spin-Off of V-ZUG

The shares of V-ZUG Holding AG were listed and traded on SIX Swiss Exchange for the first time on June 25, 2020. Under the spin-off, shareholders of Metall Zug AG were allocated one registered share of V-ZUG Holding AG per type A registered share and 10 registered shares per type B registered share. Metall Zug continues to hold an approx. 30% stake in V-ZUG as a long-term investment.

The Household Appliances Business Unit generated gross sales of CHF 261.9 million in the first half of the financial year. Operating income (EBIT) for the first semester came to CHF 12.9 million. As of July 1, 2020, only the anticipated proportional net income of the V-ZUG Group is disclosed in the Metall Zug income statement as part of the financial result.

Sustainability as Part of the Strategy

Metall Zug views sustainability as a strategic priority. The slogan 'Driven by value, aiming for success' has been part of the corporate strategy for years: all those in positions of responsibility act with a view to success and in line with the Metall Zug values. Any success can only really be counted as such if it is sustainable and has been achieved with due respect for society and without tarnishing the reputation of the Metall Zug Group.

Moreover, a team from Metall Zug AG has been helping the Business Units to formulate and implement their sustainability strategies since autumn 2018. The implementation and progress of measures is assessed according to a set of key performance indicators and regularly reviewed by a steering committee made up of the CEOs of the Business Units and the Senior Management of Metall Zug. In 2020, key figures were gathered for all the Swiss sites for the first time.

Lowering CO2 emissions is a key element of the sustainability strategy of Metall Zug, whose medium-term vision is carbon- neutral production. Initially, CO2 neutrality is to be achieved for the Tech Cluster Zug.

To additionally motivate the Business Units to take sustainable business decisions, the main production companies have signed up to a contractually agreed internal CO2 levy since 2018. By the end of 2020, CHF 2 million raised from this internal levy had been paid into a fund tasked with investing these proceeds in additional climate protection measures that are as local and closely aligned with the company's intentions as possible.

Various projects are currently being planned or implemented.

Dividend Proposal

The Board of Directors is proposing to the General Meeting of Shareholders of April 30, 2021 that a cash dividend be distributed in the unchanged amount of CHF 1.70 gross per type A registered share and CHF 17.00 gross per type B registered share.



Key figures for the Metall Zug Group


Income statement




Balance sheet (assets)

CHF million




CHF million



Gross sales


1 219.8


Current assets



Net sales


1 195.7


Of which cash and cash equivalents



Operating result





Tangible assets



In % of gross sales




Financial assets3)



Adjusted operating  result




Intangible assets



Financial result




Fixes assets



Net result




Total Assets


1 083.1

In % of gross sales













Cash flow statement




Balance sheet (liabilities and

shareholders' equity)

Cash flow from operating activities




Current liabilities



Cash flow from investing activities




Non-current liabilities



Of which investments in tangible and intangible assets




Toatal liabilities



Cash flow from

financing activities




Shareholders' equity







In % of total assets



Employees (FTE)


5 165


Total liabilities and shareholders' equity


1 083.1


1) Adjusted by income from real estate transactions of CHF 5.8 million

2) Adjusted by provision for land remediation Zug (CHF 13.1 million) and reversal of impairment on a building in Germany (CHF 0.8 million). Includes the EBIT of the Household Appliances Business Unit for the second half of 2019 amounting to CHF 25.9 million.

3) The V-ZUG Group was spun-off as at June 25, 2020 and until that date fully consolidated. Metall Zug AG continues to hold 30.27% in V-ZUG Holding AG. Accordingly, this stake in V-ZUG Holding AG is reported in the position Financial assets and is valued using the equity method since then.


About the Metall Zug Group

Metall Zug is a group of industrial companies headquartered in Zug. The Group has around 3,000 employees and comprises five Business Units:

  • Infection Control (Belimed Group)
  • Medical Devices (Haag-Streit Group)
  • Wire Processing (Schleuniger Group)
  • Technologycluster & Infrastructure (Tech Cluster Zug AG, Urban Assets Zug AG)
  • Other (Life Science Solutions (Belimed Life Science AG, Belimed Life Science d.o.o.), Gehrig Group AG and Metall Zug AG)

The holding company Metall Zug AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich (type B registered shares: securities number 3982108, ticker symbol METN).


Legal Notes

The expectations expressed in this press release are based on assumptions. Actual results may vary from those anticipated. This press release is published in German and English. The German version is binding. Metall Zug AG processes personal data in accordance with its privacy statement available under:

Key dates

April 30, 2021         Annual general Meeting
August 16, 2021     Half-Year Results 2021


Further information

Daniel Keist
Chief Financial Officer
Phone: +41 58 768 60 50
Christof Gassner
Head of Corporate Communications & IR
Phone: +41 58 767 60 50


The press release is available at and the 2020 Annual Report at The invitation to the 2021 General Meeting of Shareholders is available at

show this