Marel bets primarily on international expansion. Originally an Icelandic maker of meat, fish and chicken processing machines that was listed on Beursplein 5 on Friday, it wants to achieve half of its revenues outside Europe and the United States in ten years. That is what CEO Árni Oddur Thórdarson tells in conversation with the ANP.
Marel currently achieves around 25 percent of its sales outside of Europe and the US. This must grow to 50 percent. According to the CEO, the company has been growing fast lately, especially in Latin America where there are just as many people now working as in Iceland. The short-term plan is to further expand the factories in Brazil, China and Slovakia, the CEO said. He mainly assumes growth on his own.
In Europe, Marel does not exclude growth through acquisitions.
“We see that the industry is very fragmented. We have discussions with many small family businesses with a turnover of up to 200 million euros, “says the director. According to him, the family businesses are struggling with the transfer of management to the younger generation and often only offer one product. “We can easily add that to our wide range,” concludes Thórdarson.
Despite the growing demand for meat substitutes, Marel continues to focus primarily on the meat and fish market, says the CEO. After all, the world’s population is growing exponentially and “many people in emerging markets don’t have the luxury to think about their diet as much as we do in the West.”
Thórdarson is satisfied with the IPO. The share increased by 7.3 percent to 3.97 euros.
“We have been well received and have a strong starting position.” According to him, the step to the “global” listing on the Damrak was necessary. “We were too big a fish in a small pond,” he jokes about the first stock exchange listing in Reykjavik.
Marel had a positive start at the Damrak. An hour before the closing bell, the share was 5.6 percent above the introductory price at 3.91 euros.