18.07.2008
Miba to build new sintering plant in the United States- 16.5-million-dollar investment; 60 new jobs
- Miba technology supports the reduction of fuel consumption and emissions
The Miba Group, a strategic partner to the international engine and automotive industry, is building a new plant for sintered components in McConnelsville, Ohio. By mid-2010 the company will have invested 16.5 million U.S. dollars and created 60 new jobs. The production facility will be built next to the existing bearings plant, Miba Bearings US. Components for passenger car engines and transmissions will be produced there beginning in the second half of 2009. With its new plant, Miba is well positioned to meet the increasing demand in North America for smaller, more efficient engines and transmissions and contributes to enhanced fuel economy and CO2 reduction.
"The sharp rise in fuel prices and growing environmental awareness of U.S. consumers are making smaller and more economical cars increasingly attractive. With our technology we are now supporting our North American customers make their products more efficient, more environmentally friendly and quieter," says Michael Niedersüß, Director of Sales and Marketing for the Miba Sinter Group. Miba technology for engines and transmissions contributes to the reduction of fuel consumption and emissions by 15 to 25% compared with the vehicles currently on the road in the U.S.
The groundbreaking ceremony for Miba Sinter USA will take place later this year. The start of production is scheduled for mid-2009. In addition to the major U.S. automakers and suppliers, Miba will supply primarily European customers in North America.
- Miba technology supports the reduction of fuel consumption and emissions
The Miba Group, a strategic partner to the international engine and automotive industry, is building a new plant for sintered components in McConnelsville, Ohio. By mid-2010 the company will have invested 16.5 million U.S. dollars and created 60 new jobs. The production facility will be built next to the existing bearings plant, Miba Bearings US. Components for passenger car engines and transmissions will be produced there beginning in the second half of 2009. With its new plant, Miba is well positioned to meet the increasing demand in North America for smaller, more efficient engines and transmissions and contributes to enhanced fuel economy and CO2 reduction.
"The sharp rise in fuel prices and growing environmental awareness of U.S. consumers are making smaller and more economical cars increasingly attractive. With our technology we are now supporting our North American customers make their products more efficient, more environmentally friendly and quieter," says Michael Niedersüß, Director of Sales and Marketing for the Miba Sinter Group. Miba technology for engines and transmissions contributes to the reduction of fuel consumption and emissions by 15 to 25% compared with the vehicles currently on the road in the U.S.
The groundbreaking ceremony for Miba Sinter USA will take place later this year. The start of production is scheduled for mid-2009. In addition to the major U.S. automakers and suppliers, Miba will supply primarily European customers in North America.
27.06.2008
Miba General Meeting Approves Dividend of 3.30 Euros per ShareThe General Meeting of Miba AG today decided to distribute a dividend of 3.30 euros per share for the fiscal year 2007-2008 (as at January 31, 2008). Based on a reporting date price of 119 euros (as at January 31, 2007), this corresponds to a dividend yield of 2.77 percent.
The 22nd Annual General Meeting held on June 27, 2008 decided to distribute a dividend of 3.30 euros per common share and a dividend of 0.59 euros plus a bonus of 2.71 euros per preferred share for the fiscal year 2007-2008. July 7, 2008 was set as the value date for the dividend payment. In this manner, Miba is emphasizing the continuity of the company’s dividend payments and its financial strength.
Dr. Wolfgang Berndt was elected as a new member of Miba AG’s Supervisory Board. He takes over the remaining period of office of Dr. Robert Ehrlich, who has resigned. Dr. Theresa Jordis (Chairwoman), Dipl. Bw. Alfred Heinzl (Deputy Chairman) and Dr. Robert Büchelhofer were re-elected as members of the Supervisory Board.
The 22nd Annual General Meeting held on June 27, 2008 decided to distribute a dividend of 3.30 euros per common share and a dividend of 0.59 euros plus a bonus of 2.71 euros per preferred share for the fiscal year 2007-2008. July 7, 2008 was set as the value date for the dividend payment. In this manner, Miba is emphasizing the continuity of the company’s dividend payments and its financial strength.
Dr. Wolfgang Berndt was elected as a new member of Miba AG’s Supervisory Board. He takes over the remaining period of office of Dr. Robert Ehrlich, who has resigned. Dr. Theresa Jordis (Chairwoman), Dipl. Bw. Alfred Heinzl (Deputy Chairman) and Dr. Robert Büchelhofer were re-elected as members of the Supervisory Board.
18.06.2008
New Miba Plant in Vorchdorf Officially Opened- More than 1,000 employees and their families celebrated the plant opening
- Honorary ring for Peter Mitterbauer from the market municipality of Vorchdorf
- Therese Mitterbauer joins High Tech Coatings management
The opening of the new Miba plant in Vorchdorf was celebrated this weekend with a party for employees and the neighborhood that attracted more than 1,000 guests. High Tech Coatings (HTC) is Mibas competence center for coatings and was built in the immediate vicinity of the existing company, Miba Sinter Austria. With approximately 700 employees at this location, Miba is the biggest employer in Vorchdorf. A total of four million euros was invested in the new High Tech Coatings facility in Vorchdorf. One of the priorities when constructing the new plant was to support and include local businesses. "Most of the suppliers – 85% – are located within a 30-kilometer radius. This allows us to strengthen the region economically and provide jobs," says Peter Mitterbauer, Chairman and CEO of the Miba Group. As a sign of gratitude and recognition, Vorchdorf Mayor Gunter Schimpl presented Peter Mitterbauer with the market municipalitys honorary ring at the celebration.
More than 1,000 employees and their families responded to the invitation to the neighborhood party and took advantage of the opportunity to tour the Miba Sinter Austria and High Tech Coatings plants. HTC, which became part of the Miba Group in 2005, has doubled the number of employees at its original location in Niklasdorf from 17 to 30 in the last two years. The great demand for its products made it necessary to expand the production area. A decisive factor in favor of the new Vorchdorf site was its immediate proximity to Mibas Austrian plants in Vorchdorf, Laakirchen and Roitham.
Therese Mitterbauer will join the company on July 1, 2008, to help spur expansion of High Tech Coatings. She will work together with Günter Hehenfelder to manage the High Tech Coatings business in Vorchdorf and Niklasdorf. Therese Mitterbauer was formerly with Mondi Packaging in Vienna, where she worked as Assistant to the Management Board and Financial Analyst. Prior to that she was assistant to an Austrian member of the European Parliament in Brussels, Belgium. After earning a doctorate in law in Vienna and studying in Bologna, Italy, she completed a Masters of Business Administration degree at the IESE Business School in Barcelona, Spain.
- Honorary ring for Peter Mitterbauer from the market municipality of Vorchdorf
- Therese Mitterbauer joins High Tech Coatings management
The opening of the new Miba plant in Vorchdorf was celebrated this weekend with a party for employees and the neighborhood that attracted more than 1,000 guests. High Tech Coatings (HTC) is Mibas competence center for coatings and was built in the immediate vicinity of the existing company, Miba Sinter Austria. With approximately 700 employees at this location, Miba is the biggest employer in Vorchdorf. A total of four million euros was invested in the new High Tech Coatings facility in Vorchdorf. One of the priorities when constructing the new plant was to support and include local businesses. "Most of the suppliers – 85% – are located within a 30-kilometer radius. This allows us to strengthen the region economically and provide jobs," says Peter Mitterbauer, Chairman and CEO of the Miba Group. As a sign of gratitude and recognition, Vorchdorf Mayor Gunter Schimpl presented Peter Mitterbauer with the market municipalitys honorary ring at the celebration.
More than 1,000 employees and their families responded to the invitation to the neighborhood party and took advantage of the opportunity to tour the Miba Sinter Austria and High Tech Coatings plants. HTC, which became part of the Miba Group in 2005, has doubled the number of employees at its original location in Niklasdorf from 17 to 30 in the last two years. The great demand for its products made it necessary to expand the production area. A decisive factor in favor of the new Vorchdorf site was its immediate proximity to Mibas Austrian plants in Vorchdorf, Laakirchen and Roitham.
Therese Mitterbauer will join the company on July 1, 2008, to help spur expansion of High Tech Coatings. She will work together with Günter Hehenfelder to manage the High Tech Coatings business in Vorchdorf and Niklasdorf. Therese Mitterbauer was formerly with Mondi Packaging in Vienna, where she worked as Assistant to the Management Board and Financial Analyst. Prior to that she was assistant to an Austrian member of the European Parliament in Brussels, Belgium. After earning a doctorate in law in Vienna and studying in Bologna, Italy, she completed a Masters of Business Administration degree at the IESE Business School in Barcelona, Spain.
17.06.2008
Miba has the best production technicians in Upper AustriaThis week, Miba, a strategic partner to the international engine and automotive industry, once again lived up to its reputation as an outstanding apprentice trainer. At the 2008 apprentice competition for industrial apprentices in Upper Austria, the winner's platform in the production technician category was solely occupied by Miba apprentices. Jakob Raffelsberger was proclaimed the best production technician in Upper Austria. Second place was a three-way tie between Aaron Bruckbauer, Bernhard Egger and Christian Hummer. A total of 644 apprentices from 98 industrial companies took part in the competition.
"Thanks to their hard work and commitment, these young people achieved the best results at an apprentice competition in the history of Miba", proudly stated Peter Mitterbauer, CEO of Miba. "The outstanding results of our apprentices attest to the high quality of the Miba apprentice training. By investing in the next generation, we build a basis for profitable growth in the future."
As the largest training company in the region, Miba currently has approximately 80 apprentices in training as production or electrical engineering technicians at its Austrian sites in Laakirchen, Roitham and Vorchdorf. To ensure Miba's sustained growth, 40 new apprentices will be taken on in the current business year.
Young people who are interested in an apprenticeship are welcome to contact us to set up a trial apprenticeship. More information can be found at www.miba.com.
As the largest training company in the region, Miba currently has approximately 80 apprentices in training as production or electrical engineering technicians at its Austrian sites in Laakirchen, Roitham and Vorchdorf. To ensure Miba's sustained growth, 40 new apprentices will be taken on in the current business year.
Young people who are interested in an apprenticeship are welcome to contact us to set up a trial apprenticeship. More information can be found at www.miba.com.
13.06.2008
First Quarter 2008-09: Miba Continues Profitable Growth- Organic sales growth of 20.2 percent to 102.2 million euros
- Earnings before interest and taxes increase by 47 percent to 13.3 million euros
Miba, strategic partner to the international engine and automotive industry, generated consolidated sales of 102.2 million euros in the first quarter of 2008-09 (reporting period: February 1 to April 30). This represents a 20.2 percent increase over the previous year in comparable terms – after adjustment for the sales loss resulting from the disposal of the Spanish site. Earnings before interest and taxes rose by 47 percent, increasing by an even greater percentage than sales.
“This increase in earnings underlines Miba’s long-term orientation towards technologically sophisticated products”, says CEO Peter Mitterbauer. Earnings before interest and taxes (EBIT) for the first quarter amounted to 13.3 million euros (compared to 9 million euros in the previous year). Earnings before taxes (EBT) rose from 8.7 million to 12.8 million euros. As of April 30, 2008, the order status was at a record level of 181.8 million euros and thus 10.9 percent higher than the previous year’s figure.
In comparison to the previous year, investments (excl. financial assets) rose by 43.2 percent to 11.3 million euros. The main focus of investment in the first quarter was on the expansion of production capacity both in Austria and in Slovakia in order to meet increased demand efficiently.
Employee headcount for the Miba group worldwide was 2,813 as of April 30, 2008. After adjustment for changes in headcount resulting from the sale of the Spanish site, this constitutes an increase of 14 percent or 352 employees compared to the previous year. The increase in staff headcount took place largely at the Austrian sites, which employed 1,632 people at the end of April 2008.
Cash flow from operations was particularly affected by the increase in inventories and the decrease in current trade payables and amounted to 0.6 million euros in the first quarter. The equity ratio of 53.2 percent is a sign of the economic and financial stability of the Miba Group.
Cautiously optimistic
The mood in Miba’s target markets is restrained but optimistic as regards 2008. Miba’s order books do not yet indicate any decline in demand. The Management Board of Miba is therefore expecting its profitable growth to continue in the current business year, although the increases will not be as great as in the past year.
Trends on customer markets will continue to be shaped by the prices of crude oil and steel and by the euro/dollar exchange rate. Price pressure continues to be high in Miba’s target markets. “Miba is meeting these challenges by continuously increasing productivity, fully utilizing machine capacities and making adjustment to prices for its customers”, says Mitterbauer.
- Earnings before interest and taxes increase by 47 percent to 13.3 million euros
Miba, strategic partner to the international engine and automotive industry, generated consolidated sales of 102.2 million euros in the first quarter of 2008-09 (reporting period: February 1 to April 30). This represents a 20.2 percent increase over the previous year in comparable terms – after adjustment for the sales loss resulting from the disposal of the Spanish site. Earnings before interest and taxes rose by 47 percent, increasing by an even greater percentage than sales.
“This increase in earnings underlines Miba’s long-term orientation towards technologically sophisticated products”, says CEO Peter Mitterbauer. Earnings before interest and taxes (EBIT) for the first quarter amounted to 13.3 million euros (compared to 9 million euros in the previous year). Earnings before taxes (EBT) rose from 8.7 million to 12.8 million euros. As of April 30, 2008, the order status was at a record level of 181.8 million euros and thus 10.9 percent higher than the previous year’s figure.
In comparison to the previous year, investments (excl. financial assets) rose by 43.2 percent to 11.3 million euros. The main focus of investment in the first quarter was on the expansion of production capacity both in Austria and in Slovakia in order to meet increased demand efficiently.
| 1st Quarter 2008-09 | 1st Quarter 2007-08 | |
| Sales (in million €) | 102.2 | 95.6 |
| EBIT (in million €) | 13.3 | 9.0 |
| Investments (in million €) | 11.3 | 7.9 |
| Number of employees (as of April 30, 2008) | 2,813 | 2,813 |
Employee headcount for the Miba group worldwide was 2,813 as of April 30, 2008. After adjustment for changes in headcount resulting from the sale of the Spanish site, this constitutes an increase of 14 percent or 352 employees compared to the previous year. The increase in staff headcount took place largely at the Austrian sites, which employed 1,632 people at the end of April 2008.
Cash flow from operations was particularly affected by the increase in inventories and the decrease in current trade payables and amounted to 0.6 million euros in the first quarter. The equity ratio of 53.2 percent is a sign of the economic and financial stability of the Miba Group.
Cautiously optimistic
The mood in Miba’s target markets is restrained but optimistic as regards 2008. Miba’s order books do not yet indicate any decline in demand. The Management Board of Miba is therefore expecting its profitable growth to continue in the current business year, although the increases will not be as great as in the past year.
Trends on customer markets will continue to be shaped by the prices of crude oil and steel and by the euro/dollar exchange rate. Price pressure continues to be high in Miba’s target markets. “Miba is meeting these challenges by continuously increasing productivity, fully utilizing machine capacities and making adjustment to prices for its customers”, says Mitterbauer.
07.05.2008
Annual Results for 2007-2008: Miba Grows Through Innovation- Organic sales growth of 17.5%
- Earnings before interest and taxes increase 24.5%
- Investment focus in 2008 on the U.S. with 15 million euros
Miba, a strategic partner to the international engine and automotive industry, generated consolidated sales of 387.7 million euros in 2007-2008. This represents a 17.5% increase over the previous year in comparable terms – after adjustment for the sales loss resulting from disposal of the Spanish site. In spite of the startup of two new plants, sales growth contributed fully to earnings. EBIT (earnings before interest and taxes) rose by 24.5% to 27.6 million euros, increasing by an even greater percentage than sales. “We were able to continue our strategy of profitable growth in the 2007-2008 business year,” notes Peter Mitterbauer, CEO of Miba. “We opened production facilities in China and Slovakia and increased our focus on the development of technologically sophisticated products – in cooperation with the leading global engine and car manufacturers.” After adjustment for the sale of the Spanish site, all business segments posted double-digit growth. Miba Sinter Group grew 31% as the result of many new product launches. A total of 35 million euros was invested in the expansion of production capacity within the Group, and another 16 million euros went into research and development.
Significant Increase in Earnings
In spite of continuing high material and energy prices and the startup of two new plants in China and Slovakia, earnings improved significantly in the past business year. Earnings before interest and taxes (EBIT) increased to an even greater degree than sales, rising by 24.5% to 27.6 million euros. Consolidated earnings before taxes (EBT) rose to 24.6 million euros, up from 15.5 million euros the previous year. The increase in earnings is primarily due to new product launches in the past business year.
As in past years, the extensive investments were totally financed by Miba Group resources. Cash flow from operations climbed to 52.3 million euros from 38.8 million. Miba's equity ratio increased to 53.7% from 52.8%, reflecting Miba's solid capital structure.
In 2007-2008, Miba had an average of 2,706 employees worldwide, compared with 2,850 the previous year. The change can be attributed to both site concept optimization and the creation of new jobs, mainly in Austria.
Miba’s largest sales market is Europe, which accounts for 67% of group sales. About 20% of sales are generated in the NAFTA region, particularly in the United States. The Asian market – primarily China, Korea and India – produces 11% of Miba Group sales. With a 30.5% increase over 2006-2007, this region experienced very dynamic growth in the past business year.
Miba Sinter Group Grows by 31%
Miba Sinter Group generated 41.1% of group sales – as in previous years, the largest percentage of all business units. Sales totaled 159.3 million euros and were at about the same level as the previous year (160 million euros). After adjustment for sales revenue lost by selling the Spanish plant, Miba Sinter Group achieved a 31% sales increase, which significantly exceeds the growth of the European automotive industry as a whole. This is due to technologically sophisticated new products in the area of sintered gears or highly stressed components for double-clutch transmissions, which went into production in the past fiscal year. Miba invested 14 million euros in production capacity expansion at the high-tech site in Vorchdorf, the largest European production location for sintered components. The Slovakian facility for sintered components in Dolný Kubín, which optimized its product portfolio to focus on high-tech products after acquiring a nearby plant, also expanded. Miba’s Chinese production facility, which produces both sintered components and bearings, went into operation this past year.
Miba Bearing Group Achieves Record Sales
Miba Bearing Group closed fiscal year 2007-2008 with a new sales record: 156.3 million euros. This represents an increase of 10% over the previous year. Order book value also reached record levels, particularly due to demand in the commercial vehicle and shipbuilding segments. Miba Bearing Group accounted for 40.3% of Miba’s total sales volume and thus for the first time is almost equal with Miba Sinter Group. A total of 10 million euros was invested in significant expansion of the production area and the purchase of new equipment at the Austrian plant in Laakirchen. The McConnelsville site in Ohio (USA) benefited from the strong demand for locomotive and compressor bearings.
Miba Friction Group Successful in the U.S. Market
Miba Friction Group contributed 17.8% to the consolidated sales volume in 2007-2008, posting sales revenues totaling 68.6 million euros. The 10% sales growth is the result of increasing demand, especially in the tractor and construction machinery sector and in the area of wind generator brake applications. Relocation of production from Sheffield, England, to Vráble, Slovakia, was successfully completed. In the future, Vráble will supply 80% of the steel discs required by the plant in Roitham, Austria. The U.S. production plant in Sterling Heights, Michigan, has seen sales almost triple since 2003.
Outlook: Ambitious Capital Investment Program
In order to support the rising demand for Miba technology, extensive investments in plants and equipment totaling about 40 million euros are planned for the current year. A major focus will be the United States, where about 15 million euros will be invested in the expansion of the existing bearing plant as well as the buildup of sintered components production. “By making these investments, we will be supporting our European customers as they launch new technologies in the U.S. market," explains Mitterbauer.
The sentiment in Miba’s target markets is restrained but optimistic as regards 2008-2009. Miba’s order books do not yet indicate any decline in demand. “We are expecting growth to continue in the current business year, although the increases will not be as strong as in the past year,” says Mitterbauer. The high prices for raw materials and energy, the strength of the euro vis-à-vis the U.S. dollar and the continuing price pressure in Miba’s core markets will have a major impact on the competitive environment. Miba will meet these challenges by continuously increasing productivity and fully utilizing machine capacities.
Because of the continuing high demand for transportation capacities, Miba is counting on long-term growth in its key markets. By focusing its research on more efficient, safer and more environmentally-friendly vehicle technologies, Miba is in an excellent position to benefit from this growth.
- Earnings before interest and taxes increase 24.5%
- Investment focus in 2008 on the U.S. with 15 million euros
Miba, a strategic partner to the international engine and automotive industry, generated consolidated sales of 387.7 million euros in 2007-2008. This represents a 17.5% increase over the previous year in comparable terms – after adjustment for the sales loss resulting from disposal of the Spanish site. In spite of the startup of two new plants, sales growth contributed fully to earnings. EBIT (earnings before interest and taxes) rose by 24.5% to 27.6 million euros, increasing by an even greater percentage than sales. “We were able to continue our strategy of profitable growth in the 2007-2008 business year,” notes Peter Mitterbauer, CEO of Miba. “We opened production facilities in China and Slovakia and increased our focus on the development of technologically sophisticated products – in cooperation with the leading global engine and car manufacturers.” After adjustment for the sale of the Spanish site, all business segments posted double-digit growth. Miba Sinter Group grew 31% as the result of many new product launches. A total of 35 million euros was invested in the expansion of production capacity within the Group, and another 16 million euros went into research and development.
Significant Increase in Earnings
In spite of continuing high material and energy prices and the startup of two new plants in China and Slovakia, earnings improved significantly in the past business year. Earnings before interest and taxes (EBIT) increased to an even greater degree than sales, rising by 24.5% to 27.6 million euros. Consolidated earnings before taxes (EBT) rose to 24.6 million euros, up from 15.5 million euros the previous year. The increase in earnings is primarily due to new product launches in the past business year.
| 2007/08 | 2006/07 | |
| Sales (in million €) | 387.7 | 367.0 |
| EBIT (in million €) | 27.6 | 22.2 |
| EBT (in million €) | 24.6 | 15.5 |
| Investments in fixed assets (in million €) | 36.0 | 31.9 |
| Number of employees (yearly average) | 2,706 | 2,850 |
As in past years, the extensive investments were totally financed by Miba Group resources. Cash flow from operations climbed to 52.3 million euros from 38.8 million. Miba's equity ratio increased to 53.7% from 52.8%, reflecting Miba's solid capital structure.
In 2007-2008, Miba had an average of 2,706 employees worldwide, compared with 2,850 the previous year. The change can be attributed to both site concept optimization and the creation of new jobs, mainly in Austria.
Miba’s largest sales market is Europe, which accounts for 67% of group sales. About 20% of sales are generated in the NAFTA region, particularly in the United States. The Asian market – primarily China, Korea and India – produces 11% of Miba Group sales. With a 30.5% increase over 2006-2007, this region experienced very dynamic growth in the past business year.
Miba Sinter Group Grows by 31%
Miba Sinter Group generated 41.1% of group sales – as in previous years, the largest percentage of all business units. Sales totaled 159.3 million euros and were at about the same level as the previous year (160 million euros). After adjustment for sales revenue lost by selling the Spanish plant, Miba Sinter Group achieved a 31% sales increase, which significantly exceeds the growth of the European automotive industry as a whole. This is due to technologically sophisticated new products in the area of sintered gears or highly stressed components for double-clutch transmissions, which went into production in the past fiscal year. Miba invested 14 million euros in production capacity expansion at the high-tech site in Vorchdorf, the largest European production location for sintered components. The Slovakian facility for sintered components in Dolný Kubín, which optimized its product portfolio to focus on high-tech products after acquiring a nearby plant, also expanded. Miba’s Chinese production facility, which produces both sintered components and bearings, went into operation this past year.
Miba Bearing Group Achieves Record Sales
Miba Bearing Group closed fiscal year 2007-2008 with a new sales record: 156.3 million euros. This represents an increase of 10% over the previous year. Order book value also reached record levels, particularly due to demand in the commercial vehicle and shipbuilding segments. Miba Bearing Group accounted for 40.3% of Miba’s total sales volume and thus for the first time is almost equal with Miba Sinter Group. A total of 10 million euros was invested in significant expansion of the production area and the purchase of new equipment at the Austrian plant in Laakirchen. The McConnelsville site in Ohio (USA) benefited from the strong demand for locomotive and compressor bearings.
Miba Friction Group Successful in the U.S. Market
Miba Friction Group contributed 17.8% to the consolidated sales volume in 2007-2008, posting sales revenues totaling 68.6 million euros. The 10% sales growth is the result of increasing demand, especially in the tractor and construction machinery sector and in the area of wind generator brake applications. Relocation of production from Sheffield, England, to Vráble, Slovakia, was successfully completed. In the future, Vráble will supply 80% of the steel discs required by the plant in Roitham, Austria. The U.S. production plant in Sterling Heights, Michigan, has seen sales almost triple since 2003.
Outlook: Ambitious Capital Investment Program
In order to support the rising demand for Miba technology, extensive investments in plants and equipment totaling about 40 million euros are planned for the current year. A major focus will be the United States, where about 15 million euros will be invested in the expansion of the existing bearing plant as well as the buildup of sintered components production. “By making these investments, we will be supporting our European customers as they launch new technologies in the U.S. market," explains Mitterbauer.
The sentiment in Miba’s target markets is restrained but optimistic as regards 2008-2009. Miba’s order books do not yet indicate any decline in demand. “We are expecting growth to continue in the current business year, although the increases will not be as strong as in the past year,” says Mitterbauer. The high prices for raw materials and energy, the strength of the euro vis-à-vis the U.S. dollar and the continuing price pressure in Miba’s core markets will have a major impact on the competitive environment. Miba will meet these challenges by continuously increasing productivity and fully utilizing machine capacities.
Because of the continuing high demand for transportation capacities, Miba is counting on long-term growth in its key markets. By focusing its research on more efficient, safer and more environmentally-friendly vehicle technologies, Miba is in an excellent position to benefit from this growth.