HUSKY
Machinery maker emerges slightly bruised from 2009 / Latin America as lifeline
An in-mould-labeling machine (Photo: Husky) |
Despite a strong dependence on the dollar-based markets, the financial crisis has not impacted injection mould machinery maker Husky Injection Molding Systems (Bolton, Ontario / Canada; www.husky.ca) as severely as most of its competitors. The company, which has been part of the Onex Corporation (Toronto / Canada; www.onex.com) since the end of 2007 – see Plasteurope.com of 19.12.2007 – wrapped up 2009 with sales at CAD 1.14 bn (2008: 1.29 bn), which translated into roughly EUR 809m. Overall, the result is down 12% year-on-year. However, thanks to numerous cost-saving measures, Husky was able to reduce its spending by 24%.
The downturn made itself felt strongest in Husky’s Europe business, down 31%. North American operations also finished 23% lower than in 2008, whereas the Asian business division declined by a mere 3% year-on-year. Up 13% year-on-year, Husky’s only real ray of light were its operations in Latin America. Onex says Ebitda for 2009 stood at USD 164m, while total debt at year’s end 2009 was some USD 258m. Onex did not offer any more details on the individual business segments.
The downturn made itself felt strongest in Husky’s Europe business, down 31%. North American operations also finished 23% lower than in 2008, whereas the Asian business division declined by a mere 3% year-on-year. Up 13% year-on-year, Husky’s only real ray of light were its operations in Latin America. Onex says Ebitda for 2009 stood at USD 164m, while total debt at year’s end 2009 was some USD 258m. Onex did not offer any more details on the individual business segments.
10.03.2010 Plasteurope.com [215684]
Published on 10.03.2010