The Supervisory Board of Komet Deutschland GmbH, a tool company owned by Ceratizit, has decided to restructure its business, following a decline in turnover and profit over the past financial years.

A slowdown in the automotive market combined with the Covid-19 pandemic, also affected Komet, the company said. As a result, it plans to carry out a ‘comprehensive restructuring plan’ for its facility in Besigheim and Stuttgart, Germany. ‘In addition to measures that are intended to reduce costs, the plan also envisages a range of investments to secure the future of the location,’ a press release added. Plans are also to automate and digitalize production.

‘Komet has suffered from considerably reduced profits over the last two financial years, despite a whole range of countermeasures,’ said board chairman Dr Andreas Lackner. In this difficult market environment, KOMET will no longer be competitive, even in the long term, without a significant restructuring of the two plants […] unfortunately, this also means a loss of jobs in Besigheim and Stuttgart.’

This story uses material from Ceratizit, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.