Miba reports 2013–2014 results and announces record levels of investments
May 14, 2014
The Miba AG group, with headquarters in Laakirchen, Austria has reported a slight increase in revenue in the fiscal year February 1, 2013, to January 31, 2014 to EUR 610.2 million, up by EUR 3.6 million year-on-year. A small increase in EBIT was also reported at EUR 70.2 million, (2012–2013: EUR 69.9 million). At almost EUR 100 million, investments reached a new high.
Miba’s CEO, F. Peter Mitterbauer, discussing the company’s
2013-2014 results
Overall, Miba’s performance in fiscal year 2013–2014 is stated as being in line with expectations, with performance in the various submarkets quite varied. While demand in shipbuilding and mining was weak, the market for agricultural commercial vehicles was stable. Heavy trucks showed signs of recovery in the last months of the fiscal year and the demand trend for the global automotive industry (passenger vehicles) was above average.
Miba is an important partner to manufacturers in the above market segments with its development and production of engine bearings, sintered components, friction materials, power electronics components and special machinery. “Our versatility allows us to compensate every year for the unavoidable fluctuations in one sector by growing in other areas or by launching new products,” stated Miba’s CEO F. Peter Mitterbauer.
The Company invested EUR 96.3 million in total, some 20% more than in the previous year, spending EUR 68.1 million on the global expansion of capacity, EUR 26.7 million on research & development and EUR 1.5 million on training and continuing education. The majority of the investment was used to expand premises and capacities at the sites in China, the USA and Slovakia.
In China, the production area was trebled in recent years so as to also be able to meet the rising demand for our components in the future. In the medium term, it is the intention to employ up to 1,000 members of staff at the Suzhou site (January 31, 2014: 383 employees).
In the USA and in Slovakia, Miba expanded its production capacity for sintered components which are above all being used in passenger vehicle engines and transmissions. “With these investments, we are setting the foundation for the expected growth,” added Mitterbauer, once again confirming the technology group’s plans for expansion. Mitterbauer also announced further substantial investment in the current fiscal year.
