News

Annual report 2011 available for download

Tue, 15 May 2012 13:21:11 GMT

Annual report 2011 available for download

See the annual report 2011 in PDF format

Metalor USA Refining is first to achieve Responsible Jewellery Council Chain of Custody Certification

Thu, 03 May 2012 08:04:39 GMT

Metalor USA Refining is first to achieve Responsible Jewellery Council Chain of Custody Certification

LONDON - May 1 2012 - The Responsible Jewellery Council (RJC) today announced that Metalor Technologies USA, one of the most renowned manufacturers of gold and silver products, is the first refiner in the Council's membership to be certified against the new RJC Chain of Custody Standard. This complements Metalor's achievement last year as the first refiner to be certified against RJC's ethical, human rights, social and environmental standards.

"The RJC is delighted to congratulate Metalor Technologies USA on becoming its first certified precious metals refiner in the new Chain of Custody Certification System. The successful verification assessment of Metalor Technologies USA was conducted by UL-Responsible Sourcing, an independent third party auditing firm trained in the RJC's System," says Michael Rae, RJC's Chief Executive Officer.

Metalor Technologies USA is the North American segment of Metalor International SA, a leading global refiner of precious metals, accredited for Good Delivery worldwide and an Official Referee of the London Bullion Market Association. Metalor refineries provide gold and silver to the jewellery industry, banks and financial institutions, and to electronics applications through its refining and advanced coatings divisions in Europe, North America and Asia. Metalor has also been a major contributor of expertise and resources to governments and industry initiatives that advance social responsibility on the part of multinational business enterprises.

"We are pleased to further our corporate Responsible Refining initiative by successfully obtaining the Responsible Jewellery Council's Chain of Custody Certification. We see the RJC Certification System and its new Chain of Custody Standard as both guiding and verifying our commitment to meet increasing demands for social responsibility throughout supply chains, from raw materials to retail sales. We encourage all RJC Members to pursue Chain of Custody certification," says Larry Drummond, President, Metalor Technologies USA.

For further information please contact:
Mila Bonini, Communications Manager, Responsible Jewellery Council
Telephone +39 02 48002801, Mobile +39 334 5488723, Mila.bonini@responsiblejewellery.com

About RJC

The Responsible Jewellery Council is an international not-for-profit organisation bringing together more than 370 member companies committed to promoting responsible ethical, human rights, social and environmental practices in a transparent and accountable manner throughout the jewellery industry from mine to retail. Their commitment aims to reinforce consumer and stakeholder confidence in diamond, gold and platinum group metals jewellery products. The Council has developed the RJC Member Certification System, a certification system, which will apply to all Members' businesses that contribute to the diamond, gold and platinum group metals jewellery supply chain. All Commercial Members of the RJC are required to be audited by accredited, third-party auditors to verify their conformance with the RJC's Code of Practices and become certified under the RJC Member Certification System. A full list of its Members can be found on the web at www.responsiblejewellery.com

About Metalor USA Refining

Metalor USA Refining is part of Metalor Technologies USA, the North American segment of Metalor International SA, a leading global refiner of precious metals, accredited for Good Delivery worldwide and an Official Referee of the London Bullion Market Association. Metalor refineries provide gold and silver to the jewellery industry, banks and financial institutions, and to electronics applications through its Refining and Advanced Coatings Divisions in Europe, North America and Asia. Metalor has also been a major contributor of expertise and resources to governments and industry initiatives that advance social responsibility on the part of multinational business enterprises. More information on www.metalor.com.

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Metalor at ICEC/ICREPEC International Show 2012 in Beijing

Wed, 18 Apr 2012 04:05:00 GMT

Metalor at ICEC/ICREPEC International Show 2012 in Beijing

METALOR will contribute to the joined ICEC/ICREPEC International Show - 14. - 17. May 2012 - Beijing, China.

The 2012 ICEC Conference will highlight the most recent developments in the field of electrical contacts worldwide and the application of recent advances in materials and processes in electric, electronic, and telecommunication equipment. ICREPEC is more focused on the reliability of the devices.

Metalor contributions :

“Arc Blowing under Pulsed Magnetic Field”
“Lifetime of cold-sprayed electrical contacts”
“Electrical and Mechanical Lives of Ag/C and Ag/WC/C Contacts”

We are looking forward to commercial and technical exchanges with you.

Metalor USA Refining Corporation achieves Responsible Source™ Certification from SCS

Thu, 02 Feb 2012 16:26:32 GMT

Metalor USA Refining Corporation achieves Responsible Source™ Certification from SCS

North Attleboro, 02. February 2012

Metalor USA Refining Corporation has announced its successful certification to the Responsible Source™ standard from Scientific Certification Systems (SCS). SCS Responsible Source™ certification ensures that refineries and manufacturing plants operate using fair labor and implement stringent supply chain risk management. The precious metal and jewelry industries have been working to address problems with conflict minerals, toxic emissions and habitat destruction. In an effort to reduce reliance on mined materials, the standard focuses on recycling practices and systems.

SCS Responsible Source™ certification encourages leaders in the industry to make positive reductions across multiple environmental impact categories. “Our goal at SCS is to provide the most rigorous level of independent certification. The Responsible Source™ certification is helping manufacturers, like Metalor USA Refining, demonstrate that they are not only reducing demand from controversial sources, but also addressing environmental impacts and social issues.” says Michael Wolfe, Managing Director, Environmental Certification Services at SCS.

Metalor is a leading global refiner of precious metals and provides gold and silver to the jewelry, and financial markets through its Refining division. Our gold and silver is certified Good Delivery in New York, London, Tokyo, and Shanghai. Metalor maintains a reputation of Swiss precision and excellence across its services, processing and environmental policies. In addition to being ISO 9001 accredited, Metalor has been designated as a Certified Member of the Responsible Jewellery Council as well as an Official Referee for both the London Bullion Market Association (LBMA) and London Platinum and Palladium Market (LPPM).

Metalor proactively involves itself at the highest levels within the industries to ensure that it maintains a global leadership role with respect to ethical, human rights, social and environmental standards. “Metalor USA Refining is proud to continue its advancement with respect to our responsible refining program. Certification to this important standard is a significant milestone for us on this journey and we are pleased to be associated with this multi-attribute standard.” says Larry Drummond, President Metalor USA Refining Corporation.

Scientific Certification Systems (SCS) has been providing global leadership in third-party environmental and sustainability certification, auditing, testing and standards development since 1984. SCS programs span a wide cross-section of industries, recognizing achievements in green building, product manufacturing, food and agriculture, forestry, retailing and more. www.scscertified.com

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Communiqué à propos de la République Démocratique du Congo (RDC)

Wed, 18 Jan 2012 14:20:54 GMT

Communiqué à propos de la République Démocratique du Congo (RDC)

Neuchâtel, le 17 janvier 2012 - Metalor a toujours pris très au sérieux la question de l’approvisionnement en or depuis des zones de conflits dans le monde et notamment depuis la République Démocratique du Congo (RDC).

Metalor n’entretient pas de relations commerciales avec des fournisseurs de métaux précieux de République Démocratique du Congo et n'importe pas de métaux précieux en provenance de ce pays.

Nous avions entretenu des relations avec un fournisseur ougandais, dûment agréé par les autorités ougandaises et disposant de tous les permis d'exportation requis. Nous avions, avant même d'entamer ces relations, constitué un dossier de diligence complet. Dans le cadre de ces démarches nous avions contacté le SECO et l'Autorité de contrôle en matière de blanchiment.

En raison de la polémique qui s’était développée autour de l’origine de l’or exporté d’Ouganda, Metalor avait volontairement pris la décision, au mois de mai 2005, de mettre fin à tout achat d'or en provenance de ce pays (http://www.metalor.com/fr/Metalor/News/Metalor-and-the-Democratic-Republic-of-the-Congo).

La réputation de Metalor est l’une de ses richesses les plus importantes. Cette renommée, élaborée tout au long des 150 dernières années, repose sur des valeurs d’intégrité, de transparence ainsi que sur une éthique sans faille.

C’est pourquoi nous nous assurons que les métaux précieux que nous utilisons, acquérons ou transformons proviennent de source légitime et exigeons de nos relations d’affaires la confirmation qu’elles ont pris, dans leur entreprise, toutes les mesures organisationnelles afin d’empêcher le commerce de marchandises de provenance illicite et que ces marchandises ont été exportées de leur pays d’origine conformément aux dispositions légales en vigueur.

En Suisse, Metalor est soumis à la Loi sur le Contrôle de Métaux précieux et la Loi sur le Blanchiment d’argent, dont les principes généraux de plus que les principes éthiques développés par Metalor dans le cadre de sa politique d’entreprise, sont appliqués dans toutes les parties du monde, où Metalor déploie son activité.

A l’échelle mondiale, Metalor est membre du Responsible Jewellery Council (RJC) (http://www.responsiblejewellery.com) depuis avril 2006. Le RJC est une organisation à but non lucratif dont la mission est de promouvoir une responsabilité éthique et les droits de l’Hommes ainsi que des pratiques sociales et environnementales transparentes et responsables dans les milieux industriels. En janvier 2011, Metalor est devenu le premier affineur certifié membre du RJC, ce qui démontre que les procédures de gestion responsable mises en place au sein de notre entreprise sont en conformité avec les standards et le code de conduite développés par le RJC.

En juillet 2010, la nouvelle loi américaine Dodd-Frank a imposé de nouvelles exigences aux sociétés inscrites auprès de la SEC (l’organisme fédéral américain de réglementation et de contrôle des marchés financiers) en ce qui concerne l’ utilisation de « minéraux des conflits », dont l’or, qui pourraient provenir de République démocratique du Congo (RDC) ou de pays adjacents et qui pourraient être directement ou indirectement liés au financement des conflits dans cette région. Plusieurs organismes de l’industrie, dont le RJC, le World Gold Council (Conseil mondial de l’or) et l’Electronics Industry Citizenship Coalition (Coalition d’industriels du secteur de l’électronique), élaborent actuellement des systèmes de conformité basés sur le concept de « l’origine connue », qui prennent en compte les complexités particulières à la chaîne d’approvisionnement de l’or.

Comme Metalor est l’un des principaux affineurs d’or, il participe activement à ces initiatives et s’engage pleinement à aider ses clients, fournisseurs et agents à se conformer à la loi Dodd-Franck contre le financement des conflits en RDC, en mettant en place des systèmes adaptés « d’origine connue ».

Metalor Technologies SA

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Metalor acquires Henkel’s silver and powder manufacturing asset

Fri, 16 Dec 2011 13:17:43 GMT

Metalor acquires Henkel’s silver and powder manufacturing asset

Neuchâtel, 14. December 2011

Metalor Technologies International SA (www.metalor.com) and Henkel (www.henkel.com) have signed an agreement for the Metalor Group to acquire Henkel’s silver powder manufacturing assets in Port Huron, Michigan.

Founded in 1876, Henkel holds globally leading market positions both in the consumer and industrial businesses with well-known brands such as Persil, Schwarzkopf, Ablestik and Loctite. Henkel is the world market leader in adhesives, sealants and surface treatments for consumers, craftsmen and industrial applications.

The Metalor Group, with headquarters in Neuchâtel, Switzerland, specializes in the field of precious metals and related advanced technologies. Present on 3 continents, Metalor employs more than 1600 people.

This acquisition is highly complementary to the Metalor Group’s existing Advanced Coatings Division in terms of products, customers and strategic geographical footprint. It provides turnkey capacity to meet the current and future needs of Metalor’s customers in die attach & the dynamic photo voltaic market, as well as redundant manufacturing capability to complement its Attleboro, MA. & Suzhou, China silver manufacturing sites. It will confirm Metalor’s position as one of the world’s leading suppliers to the electronics and photovoltaic markets.

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Human Rights Watch Report regarding Artisanal Mines Produce Gold with Child Labor

Thu, 08 Dec 2011 16:29:48 GMT

Human Rights Watch Report regarding Artisanal Mines Produce Gold with Child Labor

Neuchâtel, December 8th, 2011 – On December 6th, 2011, the Human Rights Watch published a Report concerning Child labor, Mercury and Artisanal Gold Mining in Mali (http://www.hrw.org/news/2011/12/06/mali-artisanal-mines-produce-gold-child-labor). Metalor is aware of this problem, touching particularly the artisanal gold mining sector. We have taken well note of this Report and its recommendations. We would like to point out that Metalor does not receive nor engage in business originating from Malian artisanal gold supplies.

We take this opportunity to refer readers to the company statement published on our website on February 8th, 2011 which specifies the policy and practice of Metalor Technologies SA to maintain high standards of ethical conduct, to comply with all applicable laws, and to do business only with persons who themselves abide by laws and ethical principles.

Accordingly and in particular, when dealing in precious metals, we operate only with transparency by all parties and with assurances of legitimacy in all transactions. In Switzerland Metalor is subject to the Precious Metals Control Act and the Money Laundering Act, and we apply the same principles, expressed through our compliance and ethics policy, throughout the world, wherever Metalor Technologies operates and does business. In January 2011, Metalor became the first certified Refiner, by the Responsible Jewellery Council, to have passed an audit which provides evidence of Metalor's responsible business practices in compliance with the Responsible Jewellery Council's Code of Practices.

Metalor proactively involves itself at the highest levels within the industries we serve to ensure that we maintain a global leadership role with respect ethical, human rights, social and environmental standards.

Metalor Technologies SA

New CFO at Metalor Technologies SA

Fri, 25 Nov 2011 08:55:58 GMT

New CFO at Metalor Technologies SA

Neuchâtel, 23rd November 2011 - We are pleased to announce the arrival of Mr. Hubert Angleys who will join Metalor as Chief Financial Officer. He will be based in Neuchâtel, Switzerland and will start on March 1st 2012.

Mr. Angleys is a French national and joins Metalor after 8 years with ALCOA EUROPE. He has held the position of CFO for the last 5 years within this company and was previously Finance and IT Director. Prior to this, he has 21 years of experience in different financial roles in Finance & Administration, Accounting and Controlling, of which 4 years as Group Controller for SICPA.

He holds a Marketing and Accounting diploma and is a certified Chartered Accountant having graduated from the Jean Moulin University, France.

We are looking forward to his arrival and to his positive contribution to the future success of Metalor.

United Nations Global Compact

Wed, 26 Oct 2011 15:08:36 GMT

United Nations Global Compact

Metalor group reaffirms its support of the UN Global Compact and publishes communication on progress. The United Nations Global Compact is a strategic policy initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption. Key elements of Metalor's progress since committing to the Global Compact in November 2008 have included; being the first refiner to achieve Responsible Jewellery Council certification; active participation in the development of gold responsible supply chain guidlines in the light of the Dodd Frank conflict mineral legislation; and an a number of initiatives focusing on security, health, safety and environmental through programs such as "DuPont STOP".

UN Global Compact - Communication on progress (PDF)

Mid-Year report - first half 2011

Fri, 19 Aug 2011 15:21:29 GMT

Report for the unaudited six months ended 30 June 2011

Neuchâtel, 27 July 2011 - For the six months ended 30 June 2011 the Metalor Technologies International SA group (“Metalor”, the “Group”) achieved Net Sales of CHF190.8 million (June 2010: CHF167.9 million), up 13.7% on the same period last year. High precious metals prices provided an undeniable boost to performance, however, with the exception of Electrotechnics division, this was largely offset by the strength of the Swiss franc compared to key trading currencies US Dollar, Euro and Sterling. The first half was strong for both the Refining and Electrotechnics divisions whose Net Sales were up 12.7% and 10.8% respectively, while Advanced Coatings, which benefitted from the acquisition of the coatings business of NE Chemcat in Asia, delivered 36.3% growth on the previous year, despite a slight decline of 0.2% on a like for like basis.

EBIT was CHF51.3 million, up 71.6% versus the CHF 29.9 million of the previous year, with all three divisions contributing to this growth as Gross Margins were increased while Selling, Legal and General expenses remained flat versus 2010.

Net Profit was CHF53.2 million (2010: CHF 32.7 million) and included, within Non Operating Items, gains of CHF19.8 million from completion of the disposal program of certain reserves of platinum group metals.

The Refining Division performed strongly, allowing the division’s Net Sales to reach CHF63.7 million (2010: CHF56.5 million), up 12.7%. The strength of the Swiss franc largely offset the direct benefit of high metal prices. Nevertheless, indirectly metal price levels and volatility drove sustained activity levels. Refining division’s EBIT margin was excellent as the sales performance could be leveraged into EBIT through careful metal management and cost control both in production and
administration.

Advanced Coatings Division year to date Net Sales were 36.3% higher than last year at CHF55.9 million (2010: CHF41.0 million). On 1 April, the division completed the acquisition of the coatings business in Asia of NE Chemcat Corporation, adding a direct presence in Japan and Korea. On a like for like basis Net Sales were 0.2% lower than last year mainly due to the impact of the strong Swiss franc on the Americas business but this was offset by good performance in Europe while Asia was flat versus last year due. In Asia growing global economic uncertainty and the Japanese earthquake had an impact on electronics sector production throughout the region. None of Metalor’s direct activities or customers were impacted by the earthquake.

Electrotechnics Division continued to experience the benefits of very high silver prices, and Net Sales increased from to CHF72.6 million (2010: CHF65.5 million), up 10.8%. However, towards the end of the half year strong demand levels noted earlier in the year showed clear signs of calming. The Americas activities acquired in January 2010 continued to grow in both Net Sales and contribution to EBIT. The combination of very strong metal margins and carefully controlled manufacturing and administration costs allowed the division to increase EBIT to 20.5% of Net Sales, a 210.4% increase on the prior year period.

Strong trading combined with high precious metals prices put strong pressure on the Group’s working capital, and in particular trade receivables which increased CHF69.2million to CHF214.1 million, although there was no deterioration in any of the divisions’ days sales outstanding ratios. Inventory fell from CHF85.0 million to CHF69.2 million including the impact of platinum group metal sales of CHF30.1 million at book value (and CHF51.2 million cash inflow), while trade payables remained steady. In view of high copper prices the Electrotechnics division could achieve significant purchasing savings by providing its suppliers with copper on a pool account basis, and at 30 June 2011 had a CHF3.3 million copper position within inventory. The acquisition of the NE Chemcat coatings business cost CHF61.6 million of which some 80% was funded by 5 year term debt from a small club of the Group’s existing banking partners.

Cash and equivalents less short-term borrowings plus net pending hedges were CHF69.2 million (30 June 2010: CHF140.2 million). This decrease reflected cash consumed by operations and acquisitions offset by cash generated from strategic metal sales.

We continue to actively pursue opportunities to grow the business, both organically and through acquisition.

Scott Morrison
CEO

Daniel Templeman
CFO

Download report (PDF)

Quarterly Report March 2011

Fri, 19 Aug 2011 15:11:33 GMT

Report for the unaudited three months ended 31 March 2011

Neuchâtel, 5 May 2011 - For the three months ended 31 March 2011 the Metalor Technologies International SA group (“Metalor”, the “Group”) achieved Net Sales of CHF 91.5 million (2010: CHF 78.6 million), up 16% on the same period last year, and up 23% on a like-for-like basis excluding sales of the Watch and Jewellery division closed in May 2010. The first quarter was exceptionally strong for both the Refining and Electrotechnics divisions whose Net Sales were up 29% and 25% respectively, while Advanced Coatings showed strong 8% growth.

EBIT was CHF 26.9 million, up 117% versus the CHF 14.5 million of the previous year. The Watch and Jewellery division had incurred EBIT losses of only CHF 0.5 million in 2010, and all three divisions contributed to this the strong growth as Gross Margins were increased while Selling, Legal and General and Administrative expenses remained flat versus Q1 2010.

Net Profit was CHF 34.6 million (CHF 26.3 million) and included, within Non Operating Items, gains of CHF 20.1 million from completion of the disposal program of certain reserves of platinum group metals.

The Refining Division performed very strongly, allowing the division’s Net Sales to reach CHF 33.9 million (CHF 26.2 million), up 29% thanks to high precious metals prices, strong and sustained refining volumes and careful metal and inventory control. Refining division’s EBIT margin was excellent as the sales performance could be leveraged into EBIT through careful cost control both in production and administration.

Advanced Coatings Division year to date Net Sales were 8% higher than last year at CHF 20.6 million (CHF 19.2 million), supported by strong performance in Europe while Asia performance was flat versus last year2010 due to a somewhat slower electronics sector demand, and in the latter part of March the first impact of the Japanese earthquake on electronics production in Asia. While none of Metalor’s customers were directly impacted, there has been considerable overall supply chain disruption.

Electrotechnics Division continued to experience very strong demand combined with very high silver prices, and Net Sales increased from to CHF 37.9 million (CHF 30.4 million), up 25%. The Americas activities acquired in January 2010 continued to grow both Net Sales and contribution to EBIT. The remainder of the division had just returned to modest profitability during the first quarter 2010, and the combination of very strong metal margins and carefully controlled manufacturing and administration costs allowed the division to increase EBIT to 20% of Net Sales, a 333% increase on the prior year period.

Strong trading combined with high precious metals prices put particular pressure on the Group’s working capital, in particular trade receivables increased CHF 54.9 million to CHF 175.6 million, although there was no deterioration in any of the divisions’ days sales outstanding ratios. Inventory fell from CHF 92.5 million to CHF 63.6 million including platinum group metal sales of CHF 30.1 million at book value (and CHF 51.2 million cash inflow), while trade payables remained steady. In view of high copper prices the Electrotechnics division could achieve significant purchasing savings by providing its suppliers with copper on a pool account basis, and as part of this initiative at 31 March 2011 the Group had an CHF 8.2 million copper position within inventory.

Cash and equivalents less short-term borrowings plus net pending hedges were CHF 135.4 million (31 March 2010: CHF 140.6 million), and the small decline was due to the significant investment in working capital, and accounts receivable in particular, in the last twelve months due to growth in both the business and metal prices.. This increase reflected cash consumed by operations offset by cash from strategic metal sales.

We continue to actively pursue opportunities to grow the business, both organically and through acquisition. On 1 April 2011 the Group completed the acquisition of the Coatings business of N.E. Chemcat Corporation. The acquisition cost will be financed 20% out of own cash and 80% using a term acquisition facility. The acquired business brings in excess of CHF 50 million Net Sales per annum to the Group including Japan and Korea as new markets, and has a similar EBIT margin to our existing Advanced Coatings division. Integration, in its early phases, proceeds smoothly to date.

Scott Morrison
CEO

Daniel Templeman
CFO

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Metalor agrees to buy NECC-Coatings

Fri, 25 Feb 2011 14:29:50 GMT

Metalor agrees to buy NECC-Coatings

Metalor Technologies International SA (www.metalor.com) and NECC (www.ne-chemcat.co.jp/eg) have signed an agreement for the Metalor Group to acquire NECC’s Coatings Division in Asia. The deal is expected to complete in a few weeks.

NECC’s Coatings Division serves the electronics industry with precious metals chemicals, processes and electroplating equipment, and employs some over 100 staff at sites in Japan, Singapore, Taiwan, Korea and China. Metalor Group, had already been the exclusive distributor of NECC Coatings products outside of Japan and Korea since 2002.

The Metalor Group, headquartered in Neuchatel, Switzerland, is specialized in the field of precious metals and related advanced technologies. Present on 3 continents, Metalor employs more than 1600 people, Metalor has been controlled by the independent fund management company Astorg Partners since October 2009.

Scott Morrison, Metalor Group’s CEO commented: “This acquisition is highly complementary to Metalor Group’s existing Advanced Coatings Division in terms of products, customers and geographical footprint, and will confirm Metalor’s position as a leading supplier to the electronics and decorative precious metals plating markets.”

Kenji Kasuga, NECC Executive Group Vice-President, said “My team and I are very pleased to be joining the Metalor Group since our activity is at core of Metalor’s business. We also look forward to being Metalor’s direct presence in Japan in Korea to offer new products and services in those markets.”

The acquisition of NECC’s Coatings Division is the first step of an ambitious build-up strategy established in common by Metalor’s management and Astorg Partners.

Dodd-Frank Conflict-Free

Tue, 08 Feb 2011 15:09:14 GMT

Dodd-Frank Conflict-Free

Neuchâtel, 8 February 2011 - In July 2010 the US Dodd-Frank Act required new reporting requirements of SEC listed companies in respect of their use of "conflict minerals", including gold, which might originate from the Democratic Republic of Congo or adjoining countries and which could be directly or indirectly funding armed conflict in that region. The SEC is due to issue specific guidance in respect of these requirements by mid April 2011. Meanwhile a number of industry bodies including the Responsible Jewellery Council, the World Gold Council, and the Electronics Industry Citizenship Coalition are developing "known origin" compliance systems which take account of the specific complexities of the gold supply chain. Metalor, as a leading gold refiner, is actively participating in these initiatives and is fully committed to support its customers, suppliers and agents in being "Dodd-Frank DRC Country Conflict-Free" compliant by implementing appropriate "known origin" systems once guidance is finalized.

It is already the policy and practice of Metalor Technologies SA to maintain high standards of ethical conduct, to comply with all applicable laws, and to do business only with persons who themselves abide by laws and ethical principles. In particular, when dealing in precious metals, we will operate only with transparency by all parties and with assurances of legitimacy in all transactions. In Switzerland Metalor is subject to the Precious Metals Control Act and the Money Laundering Act, and we apply the same principles, expressed through our compliance and ethics policy, throughout the world, wherever Metalor Technologies operates and does business. In January 2011, Metalor became only the fourth certified member of the Responsible Jewellery Council having passed an audit which provides evidence of Metalor's responsible business practices in compliance with the Responsible Jewellery Council's Code of Practices.

Metalor has been sensitive to the issues surrounding DRC gold for a number of years and since 2005 has no longer sourced any gold from Uganda, the only DRC adjoining country Metalor did source from. We believe that the relatively small amount of gold being mined in the DRC, estimated at less than 1 % of the world's annual production, is probably finding its way into less regulated markets where Metalor is not active. To the best of our knowledge, we believe that already today, it is certain that Metalor's gold is not sourced either directly or indirectly from sources in the DRC or its neighbouring countries. Nevertheless, the group is currently conducting additional specific due diligence of its business partners to explicitly confirm this.

If any parties have information that would suggest gold from DRC or its neighbouring countries is being supplied to Metalor we would appreciate to be informed at compliance@metalor.com.

The Responsible Jewellery Council certifies Metalor Technologies SA

Fri, 21 Jan 2011 11:59:12 GMT

The Responsible Jewellery Council certifies Metalor Technologies SA

LONDON, 20 January 2011 - The Responsible Jewellery Council (RJC) today announced that Metalor Technologies SA, one of the oldest and most renowned manufacturers of products for the International Gold Market, is the first refiner in the Council’s membership to be certified against the ethical, human rights, social and environmental standards as established by the RJC’s Certification System.

“The RJC is delighted to congratulate Metalor Technologies SA on becoming its first certified precious metals refiner. The successful verification assessment of Metalor Technologies SA was conducted by Specialized Technology Resources, Inc. (STR), an independent third party auditing firm trained in the RJC’s System,” says Michael Rae, RJC’s Chief Executive Officer.

Metalor is a leading global refiner of precious metals and provides gold to the jewellery industry through its refining and advanced coatings divisions, which are present in Europe, North America and Asia. Metalor maintains a reputation of Swiss precision and excellence across its services, processing and environmental issues. In addition to being ISO 9001 and ISO 14001 accredited, Metalor has been designated as an Official Referee for the London Bullion Market Association since December 2003, for both gold and silver.

“In addition to refining ingots for banks and financial institutions, Metalor provides pure precious metals, alloys and coating solutions to the decorative and electronics industries. Our gold, silver, platinum and palladium bars in varied sizes are all accepted as Good London Delivery (GLD) on the International Precious Metals Market. As an active member of the RJC Council, we are proud to have now become certified on the RJC System. This is a testament to Metalor’s commitment to responsible business practices and we fully support the industry’s ethical advancement. We encourage all RJC Members to follow the path to certification,” says, Scott Morrison, CEO, Metalor Technologies SA.

About RJC

The Responsible Jewellery Council is an international not-for-profit organisation bringing together more than 260 member companies committed to promoting responsible ethical, human rights, social and environmental practices in a transparent and accountable manner throughout the jewellery industry from mine to retail. Their commitment aims to reinforce consumer and stakeholder confidence in diamond, gold and platinum metals jewellery products. The Council has developed the RJC Member Certification System, a certification system – which will apply to all Members’ businesses that contribute to the diamond, gold and platinum metals jewellery supply chain. All Commercial Members of the RJC are required to be audited by accredited, third party auditors to verify their conformance with the RJC’s Code of Practices and become certified under the RJC Member Certification System. A full list of its Members can be found on the web at www.responsiblejewellery.com

About Metalor

Metalor’s origins date back to 1852 when Martin de Pury & Cie founded the "Preliminary Rolling Factory" at Le Locle, Switzerland, which specialized in the melting of gold and the manufacture of watch cases. Between 1864 and 1998, Metalor was owned within Swiss banks, and in 1998 SBC sold Metalor to a group of private investors. Metalor’s current majority shareholder is Astorg Partners, a Paris based private equity fund. In 2001 the group became “Metalor Technologies” and now comprises three divisions: refining, advanced coatings and electrotechnics. The group has some 1700 employees located in 23 plants in Europe, Asia and the Americas.

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» Download certificate (PDF)

Quarterly Report September 2010

Fri, 12 Nov 2010 14:31:40 GMT

Report for the unaudited nine months ended 30 September 2010

Neuchâtel, 2 November 2010 - For the nine months ended 30 September 2010 the Metalor Technologies International SA group (“Metalor”, the “Group”) achieved Net Sales of CHF 245.2 million (2009: CHF 190.8 million), up 29% on the same period last year, and EBIT of CHF 40.9 million (CHF 26.7 million), up 53%. The EBIT Margin increased from 14% to 17% of Net Sales. The third quarter saw continued steady Refining division activity, and continued strong demand for the Advanced Coatings and Electrotechnics divisions. These results include impact of the closure of the Watch division. The integration of the Electrotechnics Americas activity acquired in January 2010 continued ahead of schedule and with trading ahead of plan. Net Profit was CHF 39.7 million (CHF 9.7 million) and benefitted from disposals of certain reserves of platinum group metals realizing gains CHF 17.9 million gains within Non Operating items.

The Refining Division continued to perform steadily, allowing the division’s Net Sales to reach CHF 82.4 million (CHF 81.2 million), just ahead of last year despite the fact that the extreme peaks of activity experienced at time during 2009 were not reproduced. Refining division’s EBIT margin was lower than the record levels of the same period last year due to tighter pricing and some product mix induced higher production costs. Demand for gold and silver refining continued to sustain activity while some modest recovery in platinum group metal volumes was noted.

Advanced Coatings Division year to date Net Sales were 36% higher than last year at CHF 60.8 million (CHF 44.8 million), supported particularly by demand in the electrical and electronics industries in Asia combined with strong performance in both Europe and the USA. The benefits of the cost cutting in 2009 and increased New Sales helped deliver an EBIT margin significantly better than the same period last year.

Final shipments from Watch & Jewelry Division were made at the end of May 2010 and resulted in Net Sales of CHF 7.7 million (CHF 19.5 million) for an EBIT loss of CHF 2.3 million (loss CHF 8.9 million). The total Non-Operating costs of the closure are known with reasonable certainty and are anticipated to be in the region of CHF 4 million, of which CHF 2.7 million were already recorded in the first three quarters. This was lower than anticipated, despite an improved social plan, due to final orders by customers of safety inventory and better than anticipated machines disposals. To date it was possible to find new jobs for 84 of the 119 affected employees.

Electrotechnics Division Net Sales benefitted from strong re-stocking in the earlier part of the year, followed by ongoing sustained underlying demand from customers. Net Sales year to date were CHF 98.4 million (CHF 46.8 million) up 110%, which represented a 45% growth of the existing business, as well as the impact of the acquisition of AMI Doduco’s America’s business effective at the beginning of 2010. The order book remains strong. Thanks to restructuring and a return of demand, the division had already returned to EBIT profit during Q4 2009 and in 2010 continued to grow EBIT despite the fact that, in line with expectations, the Americas business was just breakeven.

The sustained and significant resumption of demand in Advanced Coatings and Electrotechnics combined with continued strong trading in Refining has resulted in a most satisfactory performance for the Group as a whole, and all ongoing divisions are trading profitably. The restructuring measures taken during 2009 were aimed to position Metalor to benefit from recovery, and we believe the increase in EBIT margin underlines this.

The mark to market values of our inventories including strategic metal holdings was CHF 104.0 million (31 December 2009: 111.0 million), compared to the book value CHF 79.7 million (31 December 2009: CHF 85.8 million), representing an unrealized gain of CHF 24.3 million. During the second and third quarters the group sold some strategic metals realizing a Non-Operating Income of CHF 17.9 million.

Cash and equivalents less short-term borrowings plus net pending hedges were CHF 100.6 million (31 December 2009: CHF 84.2 million). This increase reflected cash generation from operations and strategic metal sales partly offset by the acquisition of AMI Doduco Americas, an increase in working capital related to increased sales by Advanced Coatings and Electrotechnics, and loans to the employee participation plan to enable over 100 managers and key employees to invest in Metalor on a leveraged basis.

We continue to actively pursue opportunities to grow the business, both organically and through acquisition.

Scott Morrison
CEO

Daniel Templeman
CFO

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Mid-Year report - first half 2010

Thu, 12 Aug 2010 13:18:18 GMT

Report for the unaudited six months ended 30 June 2010

Metalor Technologies International SA

Neuchâtel, 9 August 2010 - For the six months ended 30 June 2010 the Metalor Technologies International SA group (“Metalor”, the “Group”) achieved Net Sales of CHF 167.9 million (2009: CHF 129.3 million), up 30%, and EBIT of CHF 28.1 million (CHF 17.1 million), up 64%. The EBIT Margin increased from 13% to 17% of Net Sales. The second quarter saw strong Refining division activity, and continued and clear confirmation of a return of demand in Advanced Coatings and Electrotechnics divisions. The closure of the Watch division was essentially completed as planned during the second quarter, and at a significantly lower cost than anticipated. The integration of the recently acquired Electrotechnics Americas activity is ahead of schedule and the business is trading above plan. Net Profit was CHF 32.7 million (CHF 10.0 million).

The Refining Division continued to perform strongly, allowing the division’s Net Sales to reach CHF 56.5 million, exceeding last year (CHF 55.1 million) by 3% . Refining EBIT margin was lower than the record levels of the same period last year due to higher costs, in particular with relation to sub-contracting charges. Demand for gold and silver refining continued to sustain activity while there was not any substantial recovery in platinum group metal volumes.

Advanced Coatings Division year to date Net Sales were 39% higher than last year at CHF 41.0 million (CHF 29.4 million), supported particularly by demand in the electrical and electronics industries in Asia. The benefits of the cost cutting in 2009 and increased New Sales helped deliver an EBIT margin significantly better than the same period last year.

Final shipments from Watch & Jewelry Division were made at the end of May 2010 and resulted in Net Sales of CHF 7.7 million (CHF 15.2 million) for an EBIT loss of CHF 1.8 million (loss CHF 5.4 million). The total Non-Operating costs of the closure are known with reasonable certainty and are anticipated to be CHF 4 to 5 million, of which CHF 0.6 million were already recorded in the first half. This was lower than anticipated despite an improved social plan due to final orders by customers of safety inventory and better than anticipated machines disposals. To date it was possible to find new jobs for 69 of the 119 affected employees.

Electrotechnics Division Net Sales benefitted from strong re-stocking as well as sustained underlying demand from customers. Net Sales year to date were CHF 65.5 million (CHF 29.7 million) up 121%, which represented a 36% growth of the existing business, as well as the impact of the acquisition of AMI Doduco’s America’s business effective at the beginning of 2010. The order book for Q3 is strong, although visibility into Q4 remains low. The division returned to profit despite the fact that the newly acquired Americas business was marginally loss making, albeit significantly less so than in our acquisition plan.

Cash and equivalents less short-term borrowings plus net pending hedges were CHF 78.0 million (31 December 2009: CHF 84.2 million). This decrease reflected the acquisition of AMI Doduco Americas, an increase in working capital related to increased sales by Advanced Coatings and Electrotechnics, and loans to the employee participation plan to enable over 100 managers and key employees to invest in Metalor on a leveraged basis.

The mark to market values of our inventories including strategic metal holdings was CHF 112.2 million (31 December 2009: 111.0 million), compared to the book value CHF 85.0 million (31 December 2009: CHF 85.8 million), representing an unrealized gain of CHF 27.2 million. During Q2 the group sold CHF 9.8 million metals at book value realizing a Non-Operating Income of CHF 7.7 million. Additionally, as at 30 June 2010, the Group had sold forward for CHF 65.1 million metals with at book value of CHF 38.0 million. These forward contracts had a market value of CHF 8.8 million as at 30 June 2010, and this gain was also recorded as Financial Income.

We continue to explore a number of opportunities to grow the business, both organically and through acquisition.

Scott Morrison
CEO

Daniel Templeman
CFO

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Annual report 2009 available for download

Wed, 31 Mar 2010 13:16:08 GMT

Annual report 2009 available for download

See the annual report 2009 in PDF format

Closure of the Watches and Jewelry Division

Wed, 10 Feb 2010 15:16:29 GMT

Closure of the Watches and Jewelry Division

Neuchâtel, 10 February 2010 - Metalor Technologies SA is going to close its Watches and Jewelry division.

Following a considerable slowing down of the watch and jewelry business during 2009 together with the structural effect of the internalization of a major part of the production of some brands and groups, the Board of Directors of Metalor Technologies International SA has taken the decision to stop the activities of the Watches and Jewelry division in 2010. Up to now, a potential buyer who would like to take over the business, either partially or totally, has not been found.

Metalor will now concentrate on the development of its activities which are flourishing: Refining, Advanced Coatings and Electrotechnics.

Metalor intends to lay off 110 employees at Neuchâtel. The other divisions are not concerned by these measures. Metalor will continue to employ around 300 people between the Neuchâtel and Marin sites after the closure of the Watches and Jewelry division.

The management is currently in discussions with the Trade Union and the Union “Unia” in the aim of coming to an agreement on a severance plan for all concerned by this closure.

The departures will either be in the form of natural departures, retirements or redundancies.

Metalor acquires AMI Doduco’s activities in the Americas

Thu, 24 Dec 2009 08:19:48 GMT

Metalor acquires AMI Doduco’s activities in the Americas

Neuchatel, December 23, 2009 - Metalor Technologies International SA (www.metalor.com) and Technitrol INC (www.technitrol.com) have signed an agreement for the Metalor Group to acquire AMI Doduco’s activities in the Americas (www.amidoduco.com).

AMI Doduco has been in the electrical contacts industry for over 85 years. The company’s product lines include contact materials, semi-finished products, precision stamped contact parts and electromechanical components. Its American production facilities are located in Pennsylvania, Mexico and Puerto Rico and employ almost 400 people.

The Metalor Group with headquarters in Neuchatel, Switzerland, is specialised in the field of precious metals and related advanced technologies. Present on 3 continents, Metalor employs more than 1200 people.

This acquisition is highly complementary to the Metalor Group’s existing Electrotechnics division in terms of products, customers and geographical footprint, and will confirm Metalor’s position as one of the world’s leading suppliers of electrical contacts.

Metalor Technologies International SA

Metalor Technologies International SA is pleased to announce a re-alignment of its shareholding structure

Tue, 08 Sep 2009 09:23:26 GMT

Metalor Technologies International SA is pleased to announce a re-alignment of its shareholding structure

Metalor Technologies International SA is pleased to announce a re-alignment of its shareholding structure. In July 2009, a majority of the current shareholders have agreed to sell their holdings to Astorg Partners SA based in Paris (www.astorg-partners.com).

According to Metalor's CEO, Mr. Scott Morrison in Neuchâtel, "this is a significant positive step in the evolution of Metalor Technologies. Astorg brings experience in adding value to industrial companies and Metalor’s executive committee looks forward to working with them in conjunction with the remaining shareholders." Metalor's business is not expected to be impacted by the change of control. The closing of the transaction will take place at the end of September 2009, subject to regulatory approval.

About Metalor

The Metalor Group, with head office in Neuchâtel (Switzerland), is a key global player in the field of precious metals and advanced materials. Metalor is represented through local affiliates in 15 countries on 3 continents and has 1300 employees worldwide.

Metalor Technologies International SA
Neuchâtel, 7 September 2009

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