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Greiner Group suffers a decline in turnover

Plastics manufacturer Greiner Group reported that its turnover had declined by eight per cent year on year to 1.031 billion Euros in 2009 yesterday (Thurs) evening.

Board members Axel Greiner and Axel Kühner said the decline had been moderate given the financial crisis and attributed it to the effect of fluctuations in currency-exchange rates.

They added that they expected growth in turnover this year but noted it would be difficult to predict how much it would be.

Greiner said: "We tried to avoid a panicky reaction to what happened last year," noting the group had invested 77 million Euros in innovation and efficiency despite the crisis.

The bright side of things, he added, had been a cash-flow increase of 17 per cent increase year on year to 100 million Euros.

The number of the group’s employees had fallen by eight per cent year on year to 7,220 in 2009, and part-time work had increased, he noted, adding it would continue at least through April.

Kühner said the group would invest as much this year as it had last year and focus more on the Brazilian, Russian, Indian and Chinese markets and said acquisitions and the opening of new offices abroad were possible.

Greiner is based in Kremsmünster in Upper Austria’s Kirchdorf district.

Austrian Times

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