MIBA reports 40% increase in Group sales
May 11, 2011
MIBA AG of Laakirchen, Austria, has reported a 40% increase in its Group sales for 2010-2011 to €437.2 million. 34% of this growth comes from its core segments of sintered components, engine bearings and friction materials.
Group earnings before interest and taxes increased to €54.5 million (2009-2010: €16.4 million). New acquisitions in 2010 have helped to boost sales by around 6%, states MIBA. In April 2010 it took over the British coatings specialist Teer Coatings and in September that year the Austrian power electronics manufacturers EBG and DAU were acquired. Also in September 2010, Miba took over the friction lining materials business of the Swiss-based Hoerbiger Group. The company also established MIBA Drivetec in India in January 2011. As of the balance sheet date of January 31, 2011, Miba had around 3,300 employees at 20 sites worldwide.
The company plans to invest €50 million toward future growth in financial year 2011-2012. This includes the investment in a joint venture announced in February 2011 with the Indian PM components manufacturer Maxtech Sintered Product Pvt. Ltd in Pune. Miba will transfer its latest PM technology to Maxtech Sintered Product and will localise production of components currently imported to India from Europe. The first technology transfer and localisation projects are already said to be underway. Miba will provide global sales and engineering support for Maxtech’s stainless steel products, which are used in high-performance exhaust systems.
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