Miba increases both sales and earnings in the first three quarters of 2010

December 13, 2010

Miba AG, headquarted in Laakirchen, Austria, has announced group sales of €313.7 million for the first three quarters of the current business year 2010-2011 (February 1 to October 31), representing an increase of 37.4% compared to the same period in the previous year. Earnings before interest and taxes (EBIT) also reflected the economic upturn, totaling €41.1 million (compared to € 5.4 million in the previous year).

Following the takeover of the British coatings specialist Teer Coatings in the first quarter, Miba entered the technology field of power electronics by acquiring EBG and DAU in the third quarter. The takeover of Hoerbiger’s friction lining business for off-highway applications as of January 1, 2011, will mean growth for Miba in the strategic core segment of friction. “Our corporate goal is profitable growth, and we have utilized the opportunities on the markets to achieve it. Miba is growing both in its core segments and in new technology fields. Our engines are on full speed ahead,” says Peter Mitterbauer, Chairman and CEO of Miba.

Employee numbers grow 20%

Current headcount for the Miba Group worldwide stands at 3,148, an increase of 20.2% in comparison to the previous year. Adjusted for the acquisitions, the increase in staff took place largely at Miba’s non-Austrian sites, mainly in Slovakia.

Managing the economic recovery

Miba anticipates a stable and high production level in all segments for the rest of the year. However, order cancellations can be at very short notice, and cost pressure is mounting. “As quickly as the markets went into a tailspin, so rapid is the recovery now. We now need to manage this uptrend successfully, retaining as much flexibility as possible in order to be able to react in the short term to customers’ requirements,” explains Chairman and CEO Peter Mitterbauer.

In the coming months, continuing integration of the newly acquired companies EBG and DAU into the Miba Group will be particularly important. Miba Friction Group is working hard on the preparations for the takeover of the friction lining business from Hoerbiger. Machinery and equipment will be relocated from Hoerbiger in Germany to Miba sites in Roitham and Vráble, which will mean significant growth for both sites.

About Miba

Miba was founded in 1927 as a repair and production shop for engine components and has since grown into a leading international group. Miba produces and sells sintered components, engine bearings, friction materials and coatings at 16 sites worldwide.

www.miba.com 

 

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