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    MAREL   IS0000000388

MAREL HF.

(MAREL)
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Marel : Staying close during challenging times

12/15/2020 | 04:51am EDT
Full-line convenience product processing

At the end of 2019, one of the largest poultry processors in South Korea signed a deal to purchase two full Marel further processing lines. The company produces convenience products including chicken nuggets. The lines were scheduled to be up-and-running in September 2020 and included forming and coating machines, fryers and ovens. No sooner had the ink dried on the contract than the first wave of Covid-19 hit and the world found itself in the middle of an unprecedented pandemic.

Full Marel convenience line, including a RevoCrumb and GoldFryer.

Smooth and uninterrupted installation

To meet the September 2020 deadline, it was critical to begin the installation process punctually in March. However, international travel restrictions made it impossible for Marel European engineers to be on site, in Korea to position and set up the equipment. Marel convenience lines are developed and manufactured in Europe, and European engineers fly all over the world to oversee installation and commission equipment at local sites. Without the slightest hesitation, the Marel project team sprang into action and applied their creativity and ingenuity to find a solution to ensure a smooth setup. They worked closely with the customer and their other suppliers to ensure everything remained on track and the customer's business could develop as planned.

Staying connected despite the distance

The large ovens and fryers were the first items to be positioned at the customer's facility, which then allowed equipment from other suppliers to be installed, such as freezers and cold storage. To keep everything on schedule, the Marel team was able to coordinate remote support quickly and efficiently. Over several days, engineers and project managers at Marel in the Netherlands, logged on to their computers in the middle of the night to connect with local Marel agents on site in South Korea. Over a period of several hours, they provided support and helped guide the ovens and fryers into place.

I am very proud of this achievement. Our engineers in the Netherlands, together with the team in Chunyang in South Korea, did a fantastic and inspirational job. It shows how through unity, hard work and dedication we at Marel can make great things happen.

Jesper Hjortshøj
VP Prepared Foods, Marel

Getting it across the line

Over the next few months, installation continued to take place with various parties involved in many different steps. In order to finalize setup and ensure the Marel equipment was installed correctly and that it operated to customer requirements, it was crucial to get Marel experts on site. Therefore, the project team worked closely with the customer, the South Korean embassy and visa agencies, to allow Marel engineers and technologists to travel to the customer's facility. Together they successfully finalized installation of the lines and ensured that production commenced as planned.

Disclaimer

Marel hf. published this content on 15 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 December 2020 09:50:08 UTC


© Publicnow 2020
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Financials
Sales 2021 1 395 M 1 678 M 1 678 M
Net income 2021 141 M 169 M 169 M
Net Debt 2021 102 M 123 M 123 M
P/E ratio 2021 31,9x
Yield 2021 1,10%
Capitalization 4 403 M 5 304 M 5 296 M
EV / Sales 2021 3,23x
EV / Sales 2022 2,89x
Nbr of Employees 6 800
Free-Float 77,0%
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Mean consensus BUY
Number of Analysts 2
Average target price 6,22 €
Last Close Price 5,91 €
Spread / Highest target 5,55%
Spread / Average Target 5,26%
Spread / Lowest Target 4,97%
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NameTitle
Árni Oddur Þórðarson Chief Executive Officer
Linda Jonsdottir Chief Financial Officer, EVP-Finance, IT & HR
Ásthildur Margrét Otharsdóttir Chairman
Arnar Þór Másson Vice Chairman
Margret Jonsdottir Independent Director
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