Europe’s Economic Woes Start to Put a Dent in Swiss Industry

The global trade dispute and travails of Germany’s car industry have begun leaving their mark on Swiss industry, with chemicals-specialist EMS-Chemie Holding AG citing the fallout this week, joining a number of other companies across the region, Bloomberg News reported. The euro area is Switzerland’s top trading partner, and Swiss exports to the southern German state of Baden Wuerttemberg exceed those to China. The bloc’s economy is in the throes of a slowdown that could yet get worse and Germany is possibly on the verge of a recession. That weakness has already shown up in manufacturing surveys and is now being highlighted by Swiss companies. Conveyor belt-maker Interroll Holding AG, whose products are used by Amazon, Siemens AG and Zalando SE, saw first-half orders drop almost 8%, while EMS reported a drop in sales and said the global economic slowdown had weighed on business. Read more