Facing the changes
the current threats caused by the Corona Virus, which has also been reported in detail in the media, are taken very seriously by us. There are several protective measures we are applying and we hope to counteract this.
The economic climate continues to present us with many challenges. Our costs remain too high and have to come down. To do so, we have adopted cut-cutting measures and carried out temporary production shutdowns in an effort to avoid layoffs. In addition, there will be no sales and management meeting this year. We are nevertheless confident that, with your support, we can have a strong year in 2020.
Despite the difficult conditions described above, binder must adapt to changes on the marketplace. To this end, binder SWISS AG was founded on 1 January 2020 as part of an effort by the binder Group to further expand our international market presence which is now in full swing. Along with that, construction work on the new production and logistics centre at corporate headquarters is progressing well. The cladding was installed on the facade in January 2020, while the first phase of construction is getting closer and closer to completion, which is scheduled for the fourth quarter of this year.
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