Business and Financial Review
Reduced sales due to disinvestments
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No enterprises were acquired in the year under review.

Blücher Metal ApS (DK), which was sold in February 2005 with retroactive effect as of 1 January 2005, had contributed CHF 63.1 million to total sales in 2004.

In connection with the disinvestment of the product line Underground Piping Systems, sales decreased by CHF 17.2 million during the year under review. Disinvestment activities were completed as planned as of the end of 2005. 2005 sales included CHF 39.9 million from disinvested operations.
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