December 8, 2021

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Sogefi appoints new CEO, virus weighs on 2020 results

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Sogefi, which provides original parts to carmakers such as General Motors, Toyota and Volkswagen, expects to return to a full-year net profit this year.

Italian auto parts maker Sogefi appointed Frederic Sipahi as its new CEO on Friday after posting a 22.4% drop in 2020 core profits as an uptick in sales in the fourth quarter was not enough to offset the impact of the coronavirus crisis.

The Milan-based company, which develops and produces filtration, air management and engine cooling systems as well as suspension components, said full-year earnings before interests, taxes, depreciation and amortization (EBITDA) came in at 137.6 million euros ($166.69 million), while revenues fell 14.2% at constant exchange rates to 1.2 billion euros.

Sogefi, which provides original parts to some of the world’s major carmakers such as General Motors, Toyota and Volkswagen, expects to return to a full-year net profit this year from a net loss from operations destined to continue of 19.6 million euros in 2020, thanks to measures put in place to cut the impact of fixed costs and to improve profitability.

By 1450 GMT, the stock was down 2.8% at 1.26 euros per share, compared with a 0.6% fall in Milan’s all-share index .

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