SFS has temporarily reducing its operations following government decrees and production plant shutdowns by major customers.
The mechanical fastening systems specialist said the move will help protect employees and their health. Business will adjust to 'short-time work' at several sites, mostly in Europe and North America. Work towards the realisation of new projects will continue.
SFS added: "When the measures will be lifted depends on the course of the COVID-19 pandemic and the customer demand. With these measures, SFS is protecting the health of its employees and securing their jobs."
SFS recently acquired Truelove & Maclean (T&M) in North America. Group sales grew in 2019 in a period where SFS strengthened its Fastening Systems segment through acquisitions in Europe and North Germany.
