|
A fish processing line at Marel. (Photo: Marel)
Marel to sell Food & Dairy Systems
ICELAND
Monday, February 08, 2010, 16:30 (GMT + 9)
Marel has made a deal with the Dutch investor Nimbus on the sale of the non-core operating unit Food & Dairy Systems division of Stork Food Systems, excluding its operations in Spain.
The sale is part of Marel’s strategy to focus on the profitability and organic growth of its core business, centering on the fish, meat, poultry and strengthen processing segments of the food processing industry. With a 15 per cent market share, Marel is the leading global provider of advanced equipment and systems to these industry segments.
The assets sold are impaired for a loss of EUR 16.4 million, mainly due to the “write off of goodwill and revalued assets,” included in its 2009 accounts.
Negotiations are also in progress for the sale of company subsidiary Carnitech, which it estimates will lead to a loss of EUR 8 million, a company spokesman said, Food Production Daily reports.
 |
| Marel CEO Theo Hoen (Photo: Marel) |
“Marel’s strategy since the merger with Stork Food Systems in May 2008 has been to increase the focus on the company’s core business,” said Theo Hoen, CEO of Marel. “The operations of Stork Food & Dairy Systems fall outside that framework and the unit has therefore been defined as a non-core business.
Stork Food & Dairy Systems has advanced through a successful process of refocusing and renovating its product portfolio.
“We are convinced that the company will prosper under Nimbus’ ownership. For Marel, the sale is an important move forward. It paves the way for us to further sharpen the focus on our core business and to build on our position as market leader,” Hoen added.
Revenues from Marel’s core business for 2009 amounted to EUR 434.8 million. EBIT from core business was EUR 24.8 million, or 5.7 per cent of sales.
Marel continued to boost its competitive edge with a focus on integration and significant cost reductions in 2009, reducing operational costs by EUR 25 million. Net interest bearing debt was lowered to EUR 295 million compared to 2008’s EUR 379 million, with strong operating cash flow, successful equity issues and increased focus with the sale of non-core operations.
Stork Food & Dairy Systems’ business focuses chiefly on the development, production and supply of processing and filling lines for dairy, juice and liquid edible products. In 2009, the unit (excluding its operations in Spain) accounted for 11 per cent of Marel’s revenues with revenues of EUR 61 million.
Marel is the leading global provider of advanced equipment, systems and services to the fish, meat and poultry industries. It runs offices and subsidiaries in over 30 countries and a global network of 60 agents and distributors.
By Natalia Real
[email protected]
www.seafood.media
Photo Courtesy of FIS Member  Marel - Group Headquarters
|
Print
