Miba reports continued growth as revenue exceeds €750 million
May 5, 2017
Miba AG, headquartered in Laakirchen, Austria, has reported record revenue of €752 million in its fiscal year 2016 -2017 (February 1, 2016 to January 31, 2017). The company also stated it has invested over €100 million in property, plant and equipment and in research and development.
“We never deviated from our growth course even during the crisis years of 2008 and 2009. Despite this difficult time, we were only slightly late in meeting our revenue target of EUR 750 million,” stated F. Peter Mitterbauer, Chairman of the Management Board of Miba AG: “Under the Miba 2020 – Dynamic Evolution strategy, we have set ourselves new and again very ambitious goals. We are aiming for consolidated revenue of EUR 1 billion by 2020.”
In the past fiscal year, the Miba Group grew primarily in the automotive segment, stated it outpaced the global increases in passenger vehicle production by a clear margin. This was due to the fact that many manufacturers are now replacing components with Miba’s Powder Metallurgy technologies.
The global truck market presented a mixed picture, with regional performance varying considerably in 2016. In the EU, the market for heavy trucks remained on a positive trend; in China, there were strong increases. In North America, on the other hand, sales figures declined. The global markets for agricultural commercial vehicles, construction machinery and mining equipment seem to have recovered slightly in 2016 following the years of downturn and at least held steady.
In power electronics, there was some noticeable restraint in the industrial sector, but Miba was able to leverage the opportunities arising from the growth in electromobility, wind power and high-voltage direct current (HVDC) transmission. “Our broad portfolio of products and services proved its worth again in the past fiscal year. This enabled us to leverage the opportunities available to us and continue growing in spite of a challenging market environment,” added Mitterbauer.