Group Overview

Group Overview
Cover
Main picture:
Celeste Michaelson, employee in Automation Systems business unit
Publication details
Publisher: Conzzeta AG, Zurich
Concept, design and text: Prime Communications AG, Zurich
Photography: Robert Bösch, Sebastian Derungs, Jolanda Flubacher Derungs, Rainer Eder, Christian Eppelt, Peter Panayiotou, et al.
Translation: Hill Johnson Associates GmbH, Zurich
Printing: Staffel Druck AG, Zurich
Basic map: Kober-Kümmerly + Frey, Cologne
© Conzzeta – March 2013
Conzzeta – Group Overview
Conzzeta at a glance
Conzzeta is an internationally active Swiss holding company with broadly diversified busi­nesses. Its activities are in the areas of machinery and systems engineering, foam materials,
sporting goods, graphic coatings and real estate. In the interests of customers, employees
and shareholders, Conzzeta develops its businesses with a long-term perspective.
Sheet Metal Processing Systems
Bystronic: Solutions for the processing of sheet metal
and other sheet materials
Glass Processing Systems
Bystronic glass: Systems for processing flat glass
Automation Systems
ixmation: Automation of assembly and testing lines
Foam Materials
FoamPartner: Foam products for industry
and comfort applications
Sporting Goods
Mammut Sports Group: Mountaineering, climbing
and winter sports equipment
Graphic Coatings
Schmid Rhyner: Print varnishes and laminating
­adhesives for the graphical industry
Real Estate
Plazza Immobilien: Management of the Conzzeta
Group’s portfolio of properties
3
Conzzeta – Group Overview
“
Companies need employees
who take responsibility
and bring enthusiasm and
commitment to their jobs.
”
Jacob Schmidheiny, Chairman of the Board of Directors
“
The people in a company
are what give it a personality
and determine its success.
Robert Suter, Group Chief Executive Officer
”
Conzzeta – Group Overview
Key Facts 2012
–Conzzeta operates worldwide in a variety of business sectors
and geographical markets.
–Consolidated net revenues are CHF 1 161.5 million.
– Over 60 percent of sales are generated in machinery and systems engineering.
– The Group has more than 3 600 employees in over 60 locations worldwide.
–The stable shareholder base, with TEGULA AG as the main shareholder, guarantees
a long-term business perspective. TEGULA AG holds 74 percent of the share capital.
– Conzzeta’s bearer shares are listed on the SIX Swiss Exchange.
–Conzzeta stems from a long industrial tradition. The company’s foundation stone was
laid in the 19th century and in 2012 it celebrated its 100th anniversary.
Net revenue by business unit 2012
(CHF m)
Sheet Metal Processing Systems 530.6
Glass Processing Systems 141.8
Automation Systems 55.9
Foam Materials 129.9
Sporting Goods 232.5
Graphic Coatings 50.4
Real Estate and miscellaneous revenue 20.4
Total Group CHF 1 161.5 million
5
Conzzeta – Group Overview
Conzzeta growing worldwide from Swiss roots
The seven business units of the Conzzeta Group serve
­customers in more than 100 countries, and are represented
through their own companies in 26 different countries.
North and South America:
share of net revenues and
employees
Share in total revenues by region in 2012
(CHF 1 161.5 million)
Employees per region in 2012
Countries with Group-owned companies
Austria
Brazil
Canada
China
Czech Republic
France
Germany
Great Britain
India
6
Italy
Japan
Korea
Malaysia
Mexico
Netherlands
Norway
Poland
Romania
Russia
Singapore
Spain
Sweden
Switzerland
Taiwan
Turkey
USA
17.5%
CHF 203.9 million
363
Conzzeta – Group Overview
Europe
Net revenues 2012 in CHF million
– Switzerland: 145.9
– Euro area: 357.2
– Rest of Europe: 197.4
– Total Europe: 700.5
Number of employees 2012
– Switzerland: 1 136
– Germany: 887
– Rest of Europe: 369
– Total Europe: 2 392
Europe and Africa:
share of net revenues
and employees
2392
61.5%
CHF 713.9 million
Asia and Pacific:
share of net revenues
and employees
872
21%
CHF 243.7 million
7
Conzzeta – Group Overview
Key figures
“
Conzzeta has a strong financial basis,
with an equity ratio of 75 percent.
Kaspar W. Kelterborn,
Group Chief Financial Officer
1 161.5
1 161.5
1 128.1
1 128.1
1 161.5
1 161.5
1 051.9
1 051.9
1 128.1
1 128.1
955.2
955.2
1 051.9
1 051.9
1 472.5
1 472.5
955.2
955.2
EBIT
EBIT
andand
Group
Group
result
result
(in CHF
(in CHF
m) m)
EBIT
EBIT
andand
Group
Group
result
result
(in CHF
(in CHF
m) m)
75 75
75 75
50 50
50 50
25 25
25 25
50 50
50 50
8
20 20
08 08
20 20
20028008
09 09
20 20
20029009
10 10
20 20
20120010
11 11
2 2
2001210011
12 12
20 20
12 12
0
0
41.8
41.8
40.1
40.1
41.8
41.8
21.1
21.1
40.1
40.1
28.0
28.0
21.1
21.1
56.0
56.0
28.0
28.0
70
70
60
60
50
50
40
40
30
30
20
20
10
10
0
0
56.0
56.0
70
70
60
60
50
50
40
40
30
30
20
20
10
10
0
0
20 20
08 08
20 20
20028008
09 09
20 20
20029009
10 10
20 20
20120010
11 11
20 20
20 1210 11
12 12
20 20
12 12
73.2
73.2
– 1.3
– 1.3
73.2
73.2
17.6
17.6
– 1.3
– 1.3
141.8
141.8
17.6
17.6
– 30.8
– 30.8
141.8
141.8
– 30.8
– 30.8
100 100
100 100
– 50– 50
– 50– 50
– 25– 25
– 25– 25
Investments
Investments
in property,
in property,
plant
plant
andand
Investments
Investments
inand
property,
in property,
plant
plant
and
and
equipment
equipment
and
intangible
intangible
assets
assets
(in
CHF
(in CHF
m) m)
equipment
equipment
andand
intangible
intangible
assets
assets
(in CHF
(in CHF
m) m)
150 150
150 150
0
0
0
0
20 20
08 08
20 20
20028008
09 09
20 20
20029009
10 10
20 20
20120010
11 11
2 2
2001210011
12 12
20 20
12 12
0
0
FreeFree
cashcash
flowflow
(in CHF
(in CHF
m) m)
FreeFree
cashcash
flowflow
(in CHF
(in CHF
m) m)
200 200
200 200
Ordinary
Ordinary
result
result
Extraordinary
Extraordinary
result
result
Ordinary
Ordinary
result
result
Extraordinary
Extraordinary
result
result
Operating
result
(EBIT)
Operating
result
(EBIT)
Operating
Operating
result
result
(EBIT)
(EBIT)
125 125
125 125
100 100
100 100
20 20
08 08
20 20
20028008
09 09
20 20
20029009
10 10
20 20
20120010
11 11
2 2
2001210011
12 12
20 20
12 12
2 000
2 000
2 000
2 000
1 750
1 750
1 750
1 750
1 500
1 500
1 500
1 500
1 250
1 250
1 250
1 250
1 000
1 000
1 000
1 000
750 750
750 750
500 500
500 500
250 250
250 250
0 0
0 0
1 472.5
1 472.5
NetNet
revenue
revenue
(in CHF
(in CHF
m) m)
NetNet
revenue
revenue
(in CHF
(in CHF
m) m)
”
Conzzeta – Group Overview
Conzzeta – Annual report 2012
Further information
Five-year summary
Five-year
summary
2012
2011
2010
2009
2008
CHF m
530.6
503.0
410.9
356.1
745.1
%
45.7
44.6
39.1
37.3
50.6
CHF m
141.8
150.2
167.5
145.6
244.6
%
12.2
13.3
15.9
15.3
16.6
CHF m
55.9
70.0
56.4
56.1
73.6
%
4.8
6.2
5.4
5.9
5.0
CHF m
129.9
124.6
127.9
116.8
146.3
%
11.2
11.0
12.2
12.2
9.9
CHF m
232.5
210.8
221.2
215.3
192.6
%
20.0
18.7
21.0
22.5
13.1
CHF m
50.4
48.1
46.6
43.2
47.5
%
4.3
4.3
4.4
4.5
3.2
CHF m
20.4
21.4
21.4
22.1
22.8
%
1.8
1.9
2.0
2.3
1.6
CHF m
1 161.5
1 128.1
1 051.9
955.2
1 472.5
Net revenue
CHF m
1 161.5
1 128.1
1 051.9
955.2
1 472.5
Operating result
CHF m
55.3
61.9
56.9
– 1.4
97.8
Extraordinary result
CHF m
8.5
1.1
5.4
10.1
3.9
Group result
CHF m
46.3
52.1
51.5
3.3
78.8
Current assets
CHF m
904.6
982.8
915.1
853.8
914.5
Fixed assets
CHF m
364.6
369.4
372.5
401.0
418.4
Short-term liabilities
CHF m
242.5
266.1
231.5
198.1
247.7
Long-term liabilities
CHF m
69.3
73.0
73.4
78.4
84.3
Shareholders’ equity
CHF m
957.4
1 013.1
982.7
978.3
1 000.9
Total assets
CHF m
1 269.2
1 352.2
1 287.6
1 254.8
1 332.9
%
75.4
74.9
76.3
78.0
75.1
Net revenue by business unit
Sheet Metal Processing Systems
Glass Processing Systems
Automation Systems
Foam Materials
Sporting Goods
Graphic Coatings
Real Estate and miscellaneous revenue
Total
Consolidated income statement
Consolidated balance sheet
Shareholders’ equity as % of total assets
Investment in fixed assets /employees
Investments in property, plant and equipment
and intangible assets
CHF m
41.8
40.1
21.1
28.0
56.0
Employees at year-end
Number
3 627
3 576
3 322
3 257
3 760
Ø employees in full-time positions
Number
3 604
3 507
3 238
3 180
3 509
Net revenue per full-time position
CHF thousand
322.3
321.7
324.9
300.4
419.6
Personnel expenses per full-time position
CHF thousand
84.7
80.2
83.1
90.2
96.1
82
9
Conzzeta – Group Overview
“
Solid financing and a long-term perspective
are the basis for healthy growth of Conzzeta.
”
The values we build on
Values that are not just written down, but lived up to –
these are what our companies are built on.
Responsibility
We invest in companies in order to offer useful products and services, create attractive
jobs and generate healthy revenues.
Scope for development
We create a framework that enables our executives and employees to act self-reliantly
and develop their full potential.
Innovation
We foster innovation on all levels to help our companies consolidate and develop
their strong market positions.
Respect
We act with consideration for people and nature, and respect the legal and social framework. We build trust, inside and outside the company, through fairness and ­reliability.
Financial standing
We maintain our strong financial fundamentals so that we can withstand difficult
periods with equanimity. That is why we finance our businesses, as far as possible,
from our own resources.
10
Conzzeta – Group Overview
“
Ferdi Töngi,
CEO Bystronic
Closeness to customers, innovative systems
which are simple to operate, first-class
­service, quality and reliability make Bystronic
the best choice.
”
Sheet Metal Processing Systems – Bystronic
Bystronic is a world-leading supplier of solutions for the
processing of sheet metal and other sheet materials.
Bystronic’s offering includes laser and waterjet cutting
systems, as well as pressbrakes. The integrated Bystronic
software ensures optimized control of the cutting and
bending processes. For Bystronic customers, process optimization, i.e. linking of the chain from the initial order
via computer-aided engineering through to finished
workpiece, is all part of the deal. Bystronic also offers
automation solutions for cost-effective control of the
material flow. A comprehensive service package, from
financing through to maintenance of the machinery,
completes the offering.
Bystronic systems are used in a wide range of industries, including metalworking, machinery, commercial vehicle, ­construction and aeronautical engineering. The machinery is designed to process a variety of materials in a
wide range of dimensions, from tiny machine parts to
vehicle chassis s­everal meters long. Laser cutting and
pressbrakes are used for processing mild steel, stainless
steel and aluminium, non-ferrous metals such as copper
and brass, while waterjet cutting can be applied to all
kinds of materials. Many ­Bystronic customers are small
and medium-sized enter­prises – component suppliers or
manufacturers of finished products – in ­
almost all
branches of industry. Bystronic L­ aser AG was founded in
Niederönz (Switzerland) in 1986. The company has been
a member of the Conzzeta Group since 1994.
Overview Bystronic
– Annual net revenue 2012: CHF 530.6 million
– Number of employees: 1 536
– Presence: worldwide, 25 sales and service
companies; 3 development and production
sites in Switzerland, Germany and China; used
­machinery center in Romania
www.bystronic.com
11
Conzzeta – Group Overview
“
We give our customers the means
to succeed with reliable systems and
­innovative glass processing solutions.
André Brütsch,
CEO Bystronic glass
”
Glass Processing Systems – Bystronic glass
Bystronic glass offers high-quality system solutions
for the processing of architectural and automotive glass.
Bystronic glass specializes in machinery and systems for
processing architectural and automotive glass. Reflecting the diverse requirements of its customers, the business unit offers a broad spectrum of products ranging
from single machines to complete production lines, always backed up by expert and reliable customer service.
In the automotive segment, Bystronic glass supplies
systems for preprocessing, which involves cutting, grinding and drilling of glass. In the architectural segment,
the focus is on systems for the manufacture of insulating glass, which is in growing demand around the world
due to the increasingly stringent requirements regarding energy efficiency and noise protection. The port­
folio also includes innovative systems for the production of laminated safety glass and efficient handling
systems for all aspects of flat-glass and plate processing. In the architectural glass cutting segment, Bystronic
glass cooperates with the German machinery manufacturer HEGLA. This enables it to offer customers complete
solutions for the manufacture of insulating glass and
laminated safety glass.
12
Bystronic glass looks back on a long history in the development and manufacture of systems for flat-glass processing, beginning in 1964 with Bystronic Maschinen AG
in Switzerland. The business unit has been part of the
Conzzeta Group since 1994.
Overview Bystronic glass
– Annual net revenue 2012: CHF 141.8 million
– Number of employees: 553
– Presence: worldwide sales and service network,
with subsidiaries and several representative
­offices; technology centers (development and
production) in Germany and Switzerland;
­production site in China
www.bystronic-glass.com
Conzzeta – Group Overview
“
Guy Sellier,
CEO ixmation
We strive to deliver state-of-the-art
­automation machinery to our customers,
to help reduce costs and improve safety
within the workplace.
”
Automation Systems – ixmation
As a global partner to high-tech companies, ixmation develops and
manufactures reliable automation systems for production processes.
ixmation automation systems are used in the assembly
and testing of a wide variety of products such as auto
seat adjusters, dental implants, medical self-test kits,
solar panels and mobile telephones. ixmation's systems
are among the most cost-effective on the automation
market, delivering consistently high quality.
Quality assurance, including vision applications for
inspection of components, is integral to ixmation automation solutions. In addition, ixmation offers helium leakdetection and recovery systems for testing the integrity
of materials and the quality of welded joints.
ixmation customers are primarily international hightech companies, operating in the automotive, medical
technology, consumer goods and renewable energy fields.
Customers get rapid, creative and flexible on-site service.
Unlike other industry players, ixmation is at home on
several continents, giving it a decisive advantage. For
example, it can design a system in teamwork with the
customer’s development engineers in the USA and bring
it on stream at a production site in Asia.
The Conzzeta Group merged a number of automation
companies located in Europe, the USA and Asia to form
the Automation Systems business unit, which has operated since 2006 under the ixmation brand name.
Overview ixmation
– Annual net revenue 2012: CHF 55.9 million
– Number of employees: 431
– Presence: 5 locations in China, Malaysia,
the USA and Switzerland
www.ixmation.com
13
Conzzeta – Group Overview
“
Bart J. ten Brink,
CEO FoamPartner
With our innovative foam products
for ­sophisticated applications and
global presence we help customers
build on their ­success.
”
Foam Materials – FoamPartner
FoamPartner manufactures high-quality foam materials and
offers customized solutions for the Industry and Comfort
business segments.
FoamPartner develops, manufactures and processes highquality foam materials made from polyurethane. It has a
very diverse product portfolio, offering over 200 different types of foam. The company operates on three continents: Europe, Asia & Pacific and the Americas. In addition to polyurethane foams, the business unit’s processing
plants turn poly­ethylene and melamine foams into customer-specified components and complete solutions.
FoamPartner focuses on two strategic business areas:
“Comfort” comprises foam products for manufacturers
of mattresses, pillows and cushions. FoamPartner produces premium comfort foams for the most demanding
specifications, guaranteeing a good night’s sleep. The
“Technical Foams” area is focused on industrial and auto­
motive applications, offering top-class, customized foam
products for use as selected acoustic components and
systems, polishing pads, seals and cleaning sponges, or
for applications in technical installations and automotive
technology.
The history of FoamPartner goes back to 1937 when
the original company began trading in natural sponges.
14
It took up foam manufacture in the 1950s and became
part of Conzzeta in 1980. The introduction of the Foam­
Partner master brand in 2000 brought the foam materials
specialists on three continents together under one roof.
Overview FoamPartner
– Annual net revenue 2012: CHF 129.9 million
– Number of employees: 442
– Presence: 10 production, processing and sales
­locations in Europe, Asia & Pacific and the USA;
worldwide marketing through a partner sales
­network
www.foampartner.com
Conzzeta – Group Overview
“
Rolf G. Schmid,
CEO Mammut Sports
Group
After the worldwide success of the
150 Peaks project, we can’t wait to tackle
whatever challenges the future brings.
The next summits await.
”
Sporting Goods – Mammut Sports Group
Mammut Sports Group develops, manufactures and
markets innovative mountaineering, climbing and winter
sports equipment.
In 2012, Mammut Sports Group celebrated a major anni­
versary. For 150 years, the brand has stood for safety,
innovation and strong customer service. The alpine
sports lines – from clothing, shoes, backpacks and sleeping bags, to climbing harnesses, ropes and biners – combine functionality, technology and design, all made to
Swiss quality standards. Alpine sports are demanding
and focus on high performance. Mammut is continuously improving its products to meet the demands of professionals and amateurs alike. The company’s specialists
develop products in close collaboration with professional
mountaineers and extreme sports enthusiasts.
Mammut marked its 150th birthday as only alpinists
know how: climbing the world’s most stunning mountains. The successful test event campaign reached a climax with the biggest mountain summit project of all time.
In a single year, 150 groups of climbers conquered 150
peaks all over the world. To realize the summit of their
ambitions they were equipped with the latest “Peaks
Collection” and led by internationally renowned mountain guides.
The foundation stone for the Mammut Sports Group was
laid by Kaspar Tanner in 1862 with the establishment
of a ropemaking business in Dintikon near Lenzburg
(Switzer­land). Mammut has grown into one of the most
popular brands in the mountain sports and outdoor sector. The fully automated logistics center, inaugurated in
Wolfertschwenden (Germany) in October 2012, provides
a solid basis for future growth.
Overview Mammut Sports Group
– Annual net revenue 2012: CHF 232.5 million
– Number of employees: 574
– Presence: worldwide sales network in over
80 countries; head offices, product development
and rope manufacture in Seon (Switzerland);
­numerous production partners in Europe and Asia
www.mammut.ch
15
Conzzeta – Group Overview
“
Jakob Rohner,
CEO Schmid Rhyner
Schmid Rhyner sets groundbreaking market
trends with innovative, state-of-the-art
­varnishes. For example, relief varnishes that
trigger positive emotions through texture.
Graphic Coatings – Schmid Rhyner
Schmid Rhyner develops and manufactures high-quality print
­varnishes and laminating adhesives for the graphical industry.
Founded in 1973, Schmid Rhyner is a leading supplier of
print finishing products. The overprint varnishes can be
used for partial or full ­varnishing, on high-quality printed matter and in printed packaging for the pharma­
ceutical, cosmetics, luxury products and food segments.
Apart from their protective function, print finishing products serve as a creative ­design element, adding considerable value to high-end printed matter. Schmid Rhyner
develops, manufactures and markets overprint varnishes
and laminating adhesives in two product lines: a UVhardening range, and water-based dispersions which are
dried by applying heat. All the products are environmentally friendly, solvent-free and recyclable.
Schmid Rhyner products are developed in close collaboration with customers and printing machine manufacturers to ensure that they meet the highest quality
standards. The company also provides active customer
support in the form of wide-ranging theoretical and
practical training courses in all aspects of print finishing.
These courses are complemented by individual, on-site
consulting and technical support for the performance of
16
production tests. Schmid Rhyner was founded in 1880
and has a long tradition in the manufacture of coating
materials. The company began making products for the
printing industry in 1973. Schmid Rhyner was acquired
by Conzzeta in 1987. Its products are now sold in more
than 100 countries.
Overview Schmid Rhyner
– Annual net revenue 2012: CHF 50.4 million
– Number of employees: 58
– Presence: worldwide sales network
in over 100 countries; 1 production site
in Adliswil (Switzerland); 1 subsidiary
in New Jersey (USA)
www.schmid-rhyner.ch
”
Conzzeta – Group Overview
“
As custodians of long-term investments –
real estate – we are part of the solid
­foundations of the Conzzeta Group.
”
Ralph Siegle,
CEO Plazza Immobilien
Real Estate – Plazza Immobilien
Plazza Immobilien manages the Conzzeta Group’s
­port­folio of properties.
With a wide range of properties, from apartments and
office buildings to a gravel pit, Plazza Immobilien is
a multifaceted business, with the corresponding management know-how. A small, highly efficient team manages
residential and commercial property, providing a comprehensive range of services focused on maintenance of
value and development of the property and land assets.
The Tiergarten development in Zurich is part of the
­Plazza Immobilien portfolio. This residential estate with
over 500 apartments was built on the former premises of
the Zürcher Ziegeleien works. It was the first industrial
site in the City of Zurich to be rezoned for housing.
­Plazza Immobilien’s tasks also include support for the industrial business units in matters concerning real estate.
In addition to managing the Group’s property assets,
Plazza Immobilien provides services to third parties.
Overview Plazza Immobilien
– Annual net revenue 2012: CHF 19.8 million
– Number of employees: 16
– Presence: properties throughout Switzerland
www.plazza-immobilien.ch
17
Conzzeta – Group Overview
A hundred years of tradition and change
The Conzzeta Group, which now operates worldwide,
looks back on a long history that began over 100 years
ago with tile and brick works in Zurich.
18
7
Entry into architectural
paints and varnish
­production with acquisi­
tion of Schmid Rhyner AG
19
8
Entry into rope and
sporting goods business
with acquisition of Arova-­
Lenzburg AG, today
­Mammut Sports Group
2
0
Beginning of diversifi­
cation. Entry into foam
materials business with
acquisition of Fritz Nauer
AG, today FoamPartner
19
8
19
–1 12
97
9
Establishment of joint
stock company Zürcher
Ziegeleien. Concentration
on construction materials
and tile and brick pro­ducts; steady expansion
and growth
As a first step, in 1980, the company took up the manufacture of foam materials; in 1982 it entered the rope and sporting goods sector; and in 1987, paint and varnish production followed. In 1992, the parent company was transformed
into a holding company to meet the needs of the extended
group structure. Two years later, the Group entered the
machinery and systems engineering sector, which has since
developed into the largest business area, with worldwide
operations. Systematic implementation of the diversification strategy away from building materials led to the sale
of the original core business with construction products in
1999. This coincided with the renaming of the holding
company as Conzzeta. One year later, Conzzeta entered
the automation sector. The Conzzeta Group today is a holding
company, with businesses operating worldwide in a variety
of sectors with high growth potential.
19
8
The Conzzeta Group traces its origins back to the 19th century when a number of modern tile and brick works grew
up within the present city boundaries of Zurich. The pressure to consolidate led to the merger of the various works
in the city. The initiative came from the Dampfziegelei
Heurieth works, whose Board of Directors included the
brothers Ernst and Jacob Schmidheiny from Heerbrugg. In
1912, Mechanische Backsteinfabrik Zürich and Ziegeleien
Albishof-Heurieth joined forces to form a joint stock corporation called Zürcher Ziegeleien. The double Z in the
name of Conzzeta AG recalls the origins of the Group to
this day. Conzzeta celebrated its 100th anniversary in 2012
and can look back on an eventful and successful history.
Zürcher Ziegeleien steadily expanded its activities,
continuing its business with construction materials until
the end of the 20th century. Starting in 1980, the company
began a program of cautious diversification, aimed at better risk distribution.
Conzzeta – Group Overview
Workers feeding portions of clay into the rotary
presses to be formed into roofing tiles.
FoamPartner has its own quality assurance
teams to check its foam products.
Conzzeta celebrates
its 100th anniversary
12
00
4
A specialist assembling an ixmation system.
Entry into automation
sector
Entry into machinery
and systems engineering
with acquisition
of Bystronic Group
19
9
19
9
2
Foundation of
ZZ Immobilien AG, today
Plazza Immobilien AG
Cutting clay for tile production at the Tiergarten pit
in Zurich.
20
Mammut twists the thread for its highquality mountaineering ropes inhouse.
20
A worker places tiles in a
ring kiln.
19
Conzzeta AG
Giesshuebelstrasse 45
P.O. Box
CH-8045 Zurich
www.conzzeta.ch