Georg Fischer sells final foundries to US company for 220 million francs

Swiss industrial firm Georg Fischer (GF) is divesting its final three foundries, located in Ticino, Switzerland, and Romania, to U.S. competitor Consolidated Precision Products (CPP) for 220 million Swiss francs. This strategic move marks the company's definitive exit from its historical foundry business, which was the foundation of the 1802-established firm. Georg Fischer will now concentrate exclusively on its globally leading pipe system operations, primarily serving the water supply sector. The sale encompasses approximately 450 employees in Switzerland and 150 in Romania. While the new owner, CPP, manufactures similar high-precision components for aircraft engines and industrial gas turbines, the security of employment for the affected workers remains uncertain, as such transactions typically do not include job guarantees. The foundries, acquired in 2018 through the takeover of Precicast Industrial, have reportedly been operating at high capacity, benefiting from the booming aerospace and gas power plant sectors. This divestment is part of a broader transformation within Georg Fischer, which has recently focused on acquisitions like the Finnish pipe manufacturer Uponor.