AFG to sell off Forster refrigeration technology business to V-ZUG

Refrigerator production to continue at Arbon site – Leading manufacturer of household goods provides assurance of further development

Arbon, 6 February 2013 – AFG Arbonia-Forster-Holding AG is selling the refrigerator business of Forster Kühltechnik AG to its former major customer V-ZUG. V-ZUG intends to continue with the production of refrigerators to Swiss standards at the Arbon site for its own requirements and to maintain the workforce. AFG is therefore taking a further step in focusing on its core business and is at the same time safeguarding the fu-ture of refrigerator production.

The integration of the refrigeration technology business of Forster Kühltechnik AG into V-ZUG AG marks the end of the 60-year history of refrigerator production under the Forster brand name. It also heralds the beginning of a new era of refrigerator production under the V-ZUG brand name. In the view of AFG, the sale offers the best opportunities for maintaining production at the Arbon site. As a leading Swiss manufacturer of household appliances for the kitchen and laundry room, V-ZUG is able to guarantee the continued development of refrigerator production.

Forster Kühltechnik is the only manufacturer of built-in refrigerators in Switzerland and has supplied certain major customers as an OEM manufacturer for 40 years. The Refrigeration Technology business unit is part of the Kitchens and Refrigeration Technology division and has around 100 employees.

According to AFG CEO Daniel Frutig, this is the "best solution for all involved and makes the most industrial sense. As a manufacturer of premium Swiss quality products, V-ZUG can continue to supply refrigerators to the highest Swiss quality standards and develop them to their own requirements." V-ZUG will therefore be the only manufacturer with its entire product assortment of household appliances to come from Swiss production facilities.

The deal is a further milestone in the transformation of AFG into a leading supplier of the construction industry focusing on the building shell and interior. In future, the core business of AFG will comprise the Windows, Doors, Heating Technology, Sanitary Equipment, Profile Systems, and Kitchens business units. The contracting parties have agreed not to divulge the planned sale price. As a consequence of this deal, AFG expects to suffer losses on disposals of investments of around CHF 19 million. The entire amount will be assigned to the 2012 fiscal year so that the expected group losses of AFG are likely to be slightly higher than in the previous year (CHF -70 million).

Daniel Frutig
Chief Executive Officer

Stefan Kern
Head Corporate Communications