Canon (Switzerland) Ltd cooperates with Post in logistics sector

Dietlikon, November 25, 2008 - Sales of logistics sector and cooperation with Swiss Post in Mägenwil allows sustainable savings in the long term – Extraordinary write-down on warehouse buildings leads to a negative annual result

Canon ( Switzerland) Ltd shall sell its logistics infrastructure as per 1st January 2009 to Swiss Post while simultaneously entrusting PostLogistics with the operation of distribution logistics. In the course of this reorganisation, PostLogistics will take over from Canon the warehouse building as well as its approximately 30 employees currently working in the logistics sector at the Mägenwil site. PostLogistics intends to make intensive use of the capacities available in the logistics centre of Mägenwil, ideally located with regard to traffic, and to substantially expand them. The operational activities so far conducted at the site of Mägenwil by Canon (Switzerland) Ltd, such as the Canon Business Centre as well as the service and training centre, are not affected by the outsourcing of the logistics sector and will continue unchanged at the present site.

In relation with the sales of the warehouse building in Mägenwil, an extraordinary write-down of approx. CHF 16 million will be required. Overall a negative result in the annual financial statements 2008 is expected. Canon (Switzerland) Ltd, however, is convinced that the outsourcing of the logistics sector and the concentration on core processes will result in savings allowing to sustainably compensate in the long term for the extraordinary write-down on the premises value.

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Press Release [pdf] [PDF, 109 KB]