UPDATED: Engel's revenue jumps 70%-plus in FY 2011

07/21/2011

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).

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."
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