It will allow an estimated cost saving of EUR 20 million
Marel’s preliminary and unaudited financial results for the second quarter of 2022 have forced to reduce headcount by 5% across the global Marel workforce. According to the company, this will result in an estimated annualized cost saving of EUR 20 million. Along with the one-off cost of around EUR 10 million.
Thereby, the operational performance has been below expectations resulting in orders received of EUR 472 million and revenues of EUR 397 million, and operational performance of 6.3% EBIT. The supply chain disruption and inflation at high levels have caused a slower increase in revenues than originally planned.
Consequently, Marel will take action to improve operational performance towards the year-end 2023 targets. Hopefully, the full benefit of pricing actions will support a gradual increase in revenues. Also, improve price/cost coverage and operational performance in the second half of 2022, as stated in the Q1 2022 financial results.
Finally, the Wenger acquisition has contributed EUR 17 million to orders received and EUR 12 million to revenues. The preliminary order book of EUR 775 million, including the acquired order book from Wenger and Sleegers of EUR 81 million, is at a record high.
Marel supports the production of high quality, safe and affordable food by providing software, services, systems and solutions to the fish, meat and poultry processing industries.
Sustainability is at the core of our business, our groundbreaking solutions reduce waste while improving yields and creating economic value.
With a network of over 7,000 people in over 30 countries, we’re always close by and ready to help. From the first spark of inspiration to implementing a solution, we’re committed to excellence in everything we do.