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Revenues were up over 70% at injection molding and automation technology supplier Engel for its fiscal year ended March 31, 2011, with double-digit growth forecast for its current fiscal year as well. Revenues from shipments during Engel's 2011 fiscal year, which ended in March, reached €615 million ($881 million), up quite dramatically from fiscal 2010 when the global recession helped decreased revenue to €358 million ($513 million).

PlasticsToday Staff

July 19, 2011

2 Min Read
UPDATED: Engel’s revenue jumps 70%-plus in FY 2011

Revenues were up over 70% at injection molding and automation technology supplier Engel for its fiscal year ended March 31, 2011, with double-digit growth forecast for its current fiscal year as well. Revenues from shipments during Engel's 2011 fiscal year, which ended in March, reached €615 million ($881 million), up quite dramatically from fiscal 2010 when the global recession helped decreased revenue to €358 million ($513 million). The Austrian company noted that revenues for FY2009, prior to the global economic crisis, came in at €630 million ($908 million). (PlasticsToday.com's Stephen Moore initially reported on Engel's 2011 FY rebound during Chinaplas)

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Engel Machinery Inc. President Mark Sankovitch.

Engel Machinery Inc. President Mark Sankovitch.



Mark Sankovitch, president of the company's North American subsidiary, Engel Machinery Inc. (York, PA), said the company is back to pre-recession performance, with a sustained recovery predicted. "We are looking forward confidently," Sankovitch said, noting that double-digit growth is expected for the fiscal year 2012, ending next March. "[Double-digit growth] is definitely achievable as long as market conditions remain stable."

Sankovitch told PlasticsToday that his company has seen "solid growth" in each of its market focus sectors, with the level of growth in each end market varying by geographic region. In all regions, he noted that the results exceeded the company's budgeted expectations. In North America, the strongest growth during the recovery was in medical and packaging applications, with that momentum continuing in the new fiscal year, but joined by "significant growth" in automotive, Sankovitch said.

Sankovitch noted that regardless of macroeconomic trends in the broader market, Engel's success has been derived in part because of its strategic focus on high technology and a global footprint. "Engel's strategic approach to business is that it is a marathon race, not a sprint," Sankovitch said. "By staying with our strategic plan through the ups and downs and other changes, Engel can win the marathon."

Just as the broader economy has slowed of late, Sankovitch did note that the headwinds buffetting the markets have had an impact on business decisions. "The markets were strong through June but recently we are seeing purchases being pushed out to the fall," Sankovitch said. "The debt siutation in the U.S. and European country defaults are causing concern to the market."

Engel's most successful year on record, occurred over the fiscal year of 2007-2008, when it posted a gross turnover of $983 million dollars. That output came after two years of solid growth.

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