Straumann revenues hit by European downturn
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- Published: Saturday, 23 February 2013 10:14
- Written by News Editor
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Economic deterioration, austerity and high unemployment, especially in southern Europe, dampened consumer confidence, reducing traffic at dental practices and leading patients to delay treatment or take cheaper, inferior options. Large markets like Spain and Italy, which are fragmented and highly permeated by cut-price competitors, suffered the biggest declines as the gap widened between markets in depressed economies and those in more prosperous areas.
European revenues dipped 5% to CHF 378 million, corresponding to 55% of the Group total. The currency effect was negative but amounted to just 1 percentage point, helped by the minimum Euro exchange rate set by the Swiss National Bank.
Gilbert Achermann, Chairman & Acting CEO, commented: “We continued to grow our business in North America, and other key growth markets like China and Brazil, but their strong performances were not enough to offset shortfalls in our main region, Europe.”
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