Marel lays off 5% of its global workforce to meet 2023 targets

Marel today released its preliminary unedited results for the second quarter of 2022, and it posted a record number of orders, 472 million euros, revenues of 397 euros and an operational performance of 6.3% EBIT. The acquisition of Wenger was a positive step for the company, but in order to meet its 2023 targets, it will lay off 5% of its global workforce, which could save €20 million a year. The company hopes to post a better second half of 2022 with these changes and the high order status is a positive sign for achieving this goal.

Strong poultry and fish, but weaker meat market

In the announcement, Marel reports that “the pipeline remains strong, fueled by pioneering solutions and increased local sales and service coverage initiated globally ahead of the growth curve. Demand from poultry industries and fish is at a steady pace, while the outlook for meat is weaker and will impact the industry mix.In this inflationary environment characterized by rising commodity prices, labor shortages and changing consumer behavior, Marel is uniquely positioned to support the food industry through the use of robotics and digital solutions that enable greater automation, safety and traceability..”

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

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