Miba Group, manufacturer of sintered components, engine bearings, friction materials, power electronics components and coatings, has announced strong sales in the first three quarters of 2011.
Compared to the same period last year, consolidated sales in the first three quarters of 2011-2012 (February 1 – October 31) increased by 37%, to €429.6 million. EBIT (earnings before interest and taxes) of €50.2 million was 22.1% higher than the comparison period for the previous year.
Close to two-thirds of this growth originated from organic growth, while the remaining portion is attributed to acquisition, stated the company. Miba Sinter Group accounted for the largest proportion of Group sales, at 36%, followed by Miba Bearing Group at 33% and Miba Friction Group at 21%. The New Technologies Group accounts for 10%.
With consolidated sales at €429.6 million, in the first nine months of the business year Miba Group nearly reached the same level for the entire 2010-2011 business year (€437.2 million). “This substantiates our sales forecast of more than a half billion euros for the year 2011-2012 as a whole,” stated Peter Mitterbauer, Chairman of the Management Board.
In the first three quarters, Miba invested €34.4 million in fixed assets that will facilitate the expansion of production capacities in all divisions (previous year totaled €22.1 million) “These investments are already paying off. Over the past few months, we have been able to respond better, faster and with greater flexibility to the continuing heavy demand from our customers, and thus achieve a substantial earnings increase once again,” Mitterbauer stated.
Miba currently employs some 3,855 workers throughout the world, which is 22.5% higher than the previous year. The growth in job positions occurred primarily at Miba’s Austrian and Slovakian sites. Miba employs more than half of its staff in Austria.
Edited by: Paul Whittaker, Editor ipmd.net, [email protected]