Based in the eastern Chinese province of Jiangsu, Yadon’s 1,000 employees achieve annual sales of around € 110 million. “Our majority stake is the strategic key which will open the door to the fast-growing, medium price-performance press segment,” explained Schuler CEO Klebert. “This segment cannot be conquered with high-price, cutting-edge technology exported from Germany alone – neither in China, nor in the USA nor in the emerging markets.”

Germany will remain Schuler’s central development and manufacturing base for premium technology, as used for example in lightweight car manufacturing, or for the production of large pipes and railway equipment. As already announced, Schuler will reduce the number of production sites in Germany from seven to four by the end of 2017 in order to improve its cost structures and manufacturing flexibility. This will affect around 450 of the 5,176 employees recorded at year-end 2015 (prior year: 5,423). Talks are currently being held with the respective works councils to agree a settlement for these workers.

In connection with the new manufacturing concept and the accompanying measures to enhance efficiency, Schuler recognized special items of around € 73 million in 2015. Including these items, earnings before interest, taxes, depreciation and amortization (EBITDA) still amounted to € 70.9 (prior year: 120.9) million, with a margin of 5.9 (10.3) percent. The Group profit for the year reached € 39.3 (66.9) million.