Metall Zug

What Metall Zug does

Metall Zug AG is a Swiss publicly listed industrial holding company (SIX Swiss Exchange: METN) founded in 1887 and headquartered in Zug, Switzerland. The group operates three directly controlled business segments: Medical Devices (the 70%-owned Haag-Streit Group, a 165-year-old ophthalmology specialist with manufacturing in Köniz, Switzerland, and global direct/distribution sales); Technologycluster & Infrastructure (Tech Cluster Zug AG and Urban Assets Zug AG, developing the former V-ZUG industrial site in Zug Nord into a mixed-use sustainable tech campus); and Investments & Corporate (wholly-owned Gehrig Group AG, the Swiss hospitality/catering equipment supplier, plus three strategic minority stakes: 30% V-ZUG Holding AG, 25% Komax Holding AG, and 33% SteelcoBelimed AG). The Medical Devices business unit produces slit lamps, tonometry devices, biometers, surgical microscopes, VR-based surgical simulators (via the Mannheim-based VRmagic subsidiary acquired in 2020), and ophthalmic chairs and stands, with products noted for 30+ year service life.

The group generates revenue primarily through hardware sales of medical devices (CHF 194.6 million of directly consolidated net sales in FY2025), rental and development income from Tech Cluster Zug real estate, Gehrig Group equipment sales, and pro-rata share of associate company results from its V-ZUG, Komax, and SteelcoBelimed participations (carried at CHF 284.7 million at year-end 2025). The business model is enterprise-direct B2B for medical devices (custom-quoted capital equipment sold to hospitals, eye clinics, and ophthalmology practices via field sales and a global distributor network across Europe, Americas, and Asia/Pacific), and B2B for Gehrig's Swiss hospitality customers. FY2025 reported EBIT was CHF -17.5 million against an equity ratio of 67.4%, reflecting both a CHF -17.5M operating result and the loss of higher-margin Infection Control revenue following the June 2024 deconsolidation into the SteelcoBelimed JV.

Metall Zug is controlled by the Buhofer family shareholder group (57.4% of voting rights) with the Stöckli group at 16.3%, and has executed a deliberate multi-year portfolio transformation: the 2012 spin-off of Zug Estates, the 2020 spin-off and SIX listing of V-ZUG (retaining a 30% anchor stake), the 2022 merger of Schleuniger Wire Processing into Komax (taking a 25% stake), and the 2024 contribution of Belimed Infection Control and Belimed Life Science into the SteelcoBelimed joint venture with Miele Professional (33% Metall Zug / 67% Miele). Today, Metall Zug is a smaller, more focused industrial holding whose economic substance rests on Haag-Streit's ophthalmology cash flows and mark-to-market exposure to its three Swiss industrial minority stakes.

Name

Metall Zug

Legal name

Metall Zug AG

Website

https://metallzug.ch

Company type

Public

Founded year

1887

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Metall Zug AG is a Swiss-listed industrial holding company controlling the Haag-Streit ophthalmic medical device business, developing the Tech Cluster Zug real estate site, and holding strategic minority stakes in V-ZUG (30%), Komax (25%), and SteelcoBelimed (33%).

Ownership category

akta.pro rank

Product category

Ophthalmic Medical Devices

NAICS

Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (3345)

SIC

Special Industry Machinery (No Metalworking Machinery) (3550)

akta.pro primary industry

Ophthalmology Specialty Pharmaceuticals (HLAIACAK)

Keywords

• Ophthalmic medical devices
• Industrial holding company
• Eye diagnostic equipment
• Medical simulation technology
• Strategic industrial investments

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Medical Devices Sales: Net sales of CHF 194.6 million in 2025 from directly controlled business units, primarily from Haag-Streit Group selling ophthalmic diagnostic and surgical equipment
2. Strategic Investment Returns: Returns from strategic participations in V-ZUG (30%), Komax (25%), and SteelcoBelimed (33%) through dividends, value appreciation, and associate company results
3. Tech Cluster Real Estate: Real estate development and rental income from Tech Cluster Zug properties including commercial spaces and residential units

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Metall Zug AG is a Swiss industrial holding company that, through its 70%-owned Medical Devices business unit (Haag-Streit Group), develops, manufactures, and globally distributes ophthalmic diagnostic and surgical equipment — including slit lamps, tonometers, biometers, refractors, surgical microscopes, examination chairs and stands, and VR-based surgical simulation systems — to eye care professionals. Beyond Medical Devices, the company operates the Tech Cluster Zug real estate development and holds strategic minority stakes in leading Swiss industrial companies (V-ZUG 30%, Komax 25%, SteelcoBelimed 33%).

Product overview

Metall Zug AG is a Swiss holding company with a diversified portfolio of three directly controlled business units and strategic investments in Swiss industrial companies. The directly controlled business units include Medical Devices (Haag-Streit Group specializing in ophthalmology), Technologycluster & Infrastructure (real estate development), and Investments & Corporate (Gehrig Group AG and strategic holdings). The Haag-Streit Group offers ophthalmic products across five main categories: General Diagnostics (slit lamps, tonometry devices, refractors), Specialties (perimeters, biometers, surgical microscopes), Simulation (virtual and augmented reality training solutions), Chairs & Stands (examination units), and Accessories. The company operates manufacturing facilities in Switzerland, Germany, and the USA, with representation at 10 global locations.

Differentiator

Problem solved

Functional benefit

Brands

• Haag-Streit Group: International medical technology company specializing in ophthalmology, developing, producing and distributing devices for medical diagnosis, microsurgery, and training of eye care specialists. Has 165-year brand tradition and 100 years of experience in ophthalmic device development.
• Tech Cluster Zug
• Gehrig Group AG

Products and services

• Haag-Streit Slit Lamps Market-leading ophthalmic slit-lamp examination devices manufactured in Switzerland, used by ophthalmologists and optometrists for detailed anterior-segment eye examination; known for 30+ year service life, durability, and 'made in Switzerland' quality.
• Haag-Streit Tonometry Devices High-precision intraocular pressure (IOP) measurement instruments used by ophthalmologists and optometrists for glaucoma screening and management.
• Haag-Streit Biometers Devices used to measure eye structures and biometry data for diagnostic clarification of ocular pathologies, particularly in cataract surgery planning and IOL power calculation.
• Eyesi Surgical Simulator High-fidelity virtual reality simulator that enables ophthalmology trainees and eye surgeons to practice intraocular and vitreoretinal surgical procedures in realistic simulated scenarios before operating on patients.
• VRmagic Simulation Technology Virtual and augmented reality-based training systems for ophthalmologists, providing immersive simulation of diagnostic procedures and surgery; manufactured by VRmagic Holding AG in Mannheim, Germany.
• Haag-Streit Surgical Microscopes and Examination Chairs/Stands Microsurgical microscopes for ophthalmic microsurgery and ophthalmic examination chairs and stands supplied to eye clinics and ophthalmology practices; complements the diagnostic and surgical product portfolio.
• Gehrig Group Commercial Dishwashers and Thermal/Cleaning Equipment Commercial dishwashing machines, thermal food-preparation/holding equipment, and cleaning agents together with associated service for hotels, restaurants, and catering businesses operating in Switzerland.
• Tech Cluster Zug Real Estate Development Mixed-use real estate development and rental of industrial, office, educational, and residential space on the Tech Cluster Zug site in Zug Nord, operated by Tech Cluster Zug AG and Urban Assets Zug AG with sustainable energy infrastructure.

Quantifiable outcome

• Slit lamps achieve service life of 30+ years
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Miele ProfessionalcoreStrategic or Co-development Partner · 7 June 2024Metall Zug and Miele Professional established a joint venture 'SteelcoBelimed' combining Metall Zug's Infection Control Business Unit and Belimed Life Science Group with Miele's Steelco Group. Metall Zug holds 33% stake while Miele holds 67%. The joint venture aims to become a leading innovative provider in cleaning and sterilization equipment for infection control and life science sectors.
• V-ZUG Holding AGcoreOthersMetall Zug holds a 30% strategic participation in V-ZUG Holding AG following the spin-off and separate listing in mid-2020. V-ZUG is the Swiss market leader for household appliances in kitchen and laundry room with strong premium brand reputation.
• Komax Holding AGcoreOthersMetall Zug holds a 25% participation in Komax Holding AG following the merger of former subsidiary Schleuniger with Komax in August 2022. Komax is the undisputed global number 1 in wire processing and testing solutions with a lock-up period agreed until 2028.
• Multi Energy Zug AGminorStrategic or Co-development PartnerJoint venture between Tech Cluster Zug AG (50%) and regional energy supplier WWZ AG (50%). Multi Energy Zug AG operates a Multi Energy Hub on the Tech Cluster site, providing sustainable energy solutions for the development area.
• SteelcoBelimed AGcoreOthersJoint venture formed in June 2024 combining Metall Zug's Infection Control and Belimed Life Science with Miele's Steelco Group. Metall Zug holds 33% with two of five Board positions. Goal is to become top 3 global player in cleaning and sterilization equipment markets.
• WWZ AGminorStrategic or Co-development PartnerRegional energy supplier partnering with Tech Cluster Zug AG in Multi Energy Zug AG joint venture to operate sustainable energy infrastructure including Multi Energy Hub on the Tech Cluster site.

Scale indicators7 records

Recent moves4 records

Expansion highlights5 records

Direct peers

• Nidek: Japanese manufacturer of ophthalmic and optometric equipment including slit lamps, tonometers, and surgical systems. Overlaps with Haag-Streit's diagnostic product family and targets the same specialty practices.
• Carl Zeiss Meditec: German-headquartered global leader in ophthalmic diagnostic and surgical devices, directly competing with Haag-Streit in slit lamps, surgical microscopes, and ophthalmic imaging. Closest publicly listed competitor in product portfolio and end-customer base.
• Heidelberg Engineering: German ophthalmic imaging company specializing in confocal microscopy and OCT diagnostic devices for retinal and glaucoma assessment. A direct specialty competitor within the ophthalmic diagnostics category where Haag-Streit operates.
• Topcon Healthcare: Japanese ophthalmic equipment manufacturer offering diagnostic devices, refractive instruments, and imaging systems. Direct competitor to Haag-Streit in ophthalmic diagnostics and refraction equipment globally.

Broad incumbents

• Bausch + Lomb: Global eye-health company covering contact lenses, ophthalmic pharmaceuticals, surgical instruments, and devices. Overlaps with Haag-Streit's surgical instrument and diagnostic categories but operates at much broader portfolio scale.
• HOYA Corporation: Japanese multinational with a significant eyecare division producing lenses, contact lenses, and ophthalmic surgical devices. Competes broadly in eye care with greater scale and diversification than Metall Zug's Haag-Streit unit.
• EssilorLuxottica: Global eyewear and lens powerhouse with growing presence in ophthalmic instruments through its Instruments division. Adjacent competitor within the broader ophthalmic care value chain targeted by Haag-Streit.
• Alcon: Swiss-headquartered global leader in eye care spanning surgical devices, vision care, and pharmaceuticals. Operates across the same ophthalmic ecosystem but at significantly larger scale with broader product breadth than Haag-Streit.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/metall-zug-ag

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Metall Zug