Successful conversion

RestructuringIn the 2004 financial year, the Biella Group continued to be severely affected by the weak economic development in Europe and Switzerland and the competition in the paper, office supplies and stationery industry. The market decline continued, prices and margins fell further. However, the result for 2004 improved significantly thanks to the program launched in the previous year. However, this program, which led to increased job cuts in 2004, has not yet been completed, according to the Biel-based company.