 |
 |
Possehl Produces Solid Sales and Earnings in 2008
Stable sales of € 1.523 billion
Earnings before tax of € 65.0 million
Strong equity and financial position
Lübeck, Germany, March 27, 2009 –L. Possehl & Co. mbH, which was founded in 1847, concluded the 2008 fiscal year with earnings before taxes of € 65.0 million. Slightly lower earnings than in the previous year (€ 75.3 million) reflect the abrupt slowdown in the economy in the fourth quarter. Nevertheless, this result is the third best in the long history of the traditional company based in Lübeck.
In addition, all divisions were once again able to achieve positive earnings in 2008 despite the economic downturn. Four out of the seven divisions produced the best earnings in their history. As a diversified, medium-sized conglomerate, Possehl maintains stability even in highly difficult economic times.
The Possehl Group’s net sales of € 1.523 billion in the 2008 fiscal year were essentially constant—just slightly higher than in the previous year (€ 1.522 billion). At the same time, sales from the Precious Metals Processing and International Trading divisions increased as a result of much higher prices for precious metals and raw materials. Similarly, in the Special-purpose Construction division, sales rose from the first-time consolidation of the acquired Bennert group, a company that specializes in the restoration of monuments. However, the divisions active in the mechanical engineering sector and the Electronics division recorded lower net sales.
Complementary Acquisitions in the Elastomer Processing and Special-purpose Construction Divisions
At the end of 2008, Possehl was able to execute a company acquisition in the Elastomer Processing division by purchasing the US-based Farrel Corp., thus reinforcing the successful mixing technology unit of the Harburg-Freudenberger Maschinenbau GmbH subsidiary.
Possehl expanded its Special-purpose Construction division by acquiring the Bennert group in May 2008. With this acquisition, Possehl took advantage of the opportunity to astutely enhance the successful Special-purpose Construction division’s role as a niche provider.
Solid Financial Foundation
For the 2009 fiscal year, Possehl expects that its performance will decline as a result of the global economic downturn. Uwe Lüders, Chairman of the Executive Board of L. Possehl & Co. mbH, explained: “Despite the global downturn, we still expect satisfactory earnings. Furthermore, our highly solid equity and financial position, including a comfortable liquity reserve, enables us to execute company acquisitions even in economically challenging times.”
Contact:
Mario Schreiber
L. Possehl & Co. mbH
Director Human Resources / Real Estate /
Corporate Communications
Beckergrube 38-52
23552 Lübeck
Germany
Telephone: +49 (0) 451 148-304
Fax: +49 (0) 451 148-1153
Email: mschreiber@possehl.de
back
|
|
