Miba AG, Laakirchen, Austria, has announced that, for the first time, its annual revenue passed the €1 billion mark. Figures published for its fiscal year ending January 31, 2023, showed revenue of €1.114 billion, representing an almost 15% year on year growth. Whilst every business area grew, the major part (59%) of this revenue came from the industrial goods market. The remaining 41% of revenue was driven by the automotive sector.
“As our next milestone, we have set ourselves the goal of growing to a revenue of €1.5 billion by 2027,” stated F Peter Mitterbauer, Miba’s CEO. To achieve this, the company wants to use the opportunities arising from the trend for decarbonisation and electrification. “On the basis of our corporate mission ‘Technologies for a cleaner planet,’ we want to develop and produce technologically demanding components for greater efficiency and sustainability along the entire energy value chain – thus for the generation, transmission, storage and use of energy. In the past fiscal year alone, our revenue from technologies for wind power has more than doubled.”
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Miba notes a number of uses for its products in wind turbines, including the bearings for the gear and rotor main bearing, friction materials to safely slow down the extremely heavy rotor blades, as well as power resistors and cooling technologies to control and protect the electronics. Miba also produces milling machines for the assembly of the large tube elements needed for offshore wind turbine towers.
The company also expects to see growth due to market opportunities in e-mobility. Thus far, Miba has invested €80 million in establishing this new business area and has developed its product portfolio since 2016, before the recent boom in battery electric vehicles. To further accelerate this growth path, the company opened its first battery production plant in Bad Leonfelden, Germany, which is operated by solely owned subsidiary Miba Battery Systems (formerly Voltlabor).
As Miba’s equity ratio has increased to 52.8%, the company was able to invest €100 million in the past fiscal year – €56 million in property, plant and equipment, and €44 million in research and development (a ratio of 4%).
In the past fiscal year, Miba also made a substantial investment of €2.6 million in employee training, with around 240 apprentices. As part of the group’s growth, some 100 vacancies are currently being filled.