Injection molding machine manufacturer Engel saw its 2023/24 fiscal year revenue fall by 6 percent from the previous year, for a total of about $1.7 billion.
“The volume in the injection molding machine market has fallen by up to 40 percent according to various association figures. Engel has succeeded in gaining shares in a shrinking market — a trend consistent with observations from previous economic contractions,” said Stefan Engleder, CEO of the Engel Group.
The company’s forecast for the new fiscal year remains cautious, with its medical and packaging units making contributions to the bottom line and its after-sales business posting a surge of almost 15 percent compared to the previous year. The company’s growth strategy has seen it allocate a figure in the tens of millions of dollars to expand its global network in the new fiscal year.
“The high order backlog has so far let us get off with a black eye,” Engleder said. “However, these orders are nearly exhausted. Despite intermittent increases in order income, we are yet to witness a lasting economic recovery — but we hope for the first growth stimuli from the spring fairs Chinaplas in Shanghai and NPE in Orlando.”
Engel is headquartered in Schwertberg, Austria.
