Marel laying off 5% of staff in their global workforce to meet 2023 targets

Marel released its unedited preliminary results for the second quarter of 2022 today, and it shows a record number of orders, EUR 472m, revenues of EUR 397 and operational performance of 6.3% EBIT. The acquisition of Wenger was a positive step for the company, but in order to meet their target goals for 2023 they are going to lay off 5% of staff in their global workforce, which could save EUR 20m annually. The company is hoping to show a better second half of 2022 with these changes and the high order status is a positive sign in reaching that goal.

Poultry and fish strong, but weaker meat market

In the announcement Marel reports that the "pipeline remains strong fueled by pioneering solutions and scale up in local sales and service coverage globally initiated ahead of the growth curve. Demand from the poultry and fish industries is on a strong run rate, while the outlook for meat is softer and will impact the industry mix. In this inflationary environment with rising commodity prices, labor scarcity and shifting consumer behavior, Marel is uniquely positioned to support the food industry with the use of robotics and digital solutions that enable more automation, safety and traceability."

Since the preliminary results are unaudited they are subject to change.

Investor meeting on the 28th this month

There will be an virtual investor meeting on 28th of July at 10.30 AM, where the CEO, Árni Oddur Þórðarson and COO Linda Jónsdóttir will present an overview of the financial results of the second quarter and the strategy moving forward.

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