Processing equipment provider, Marel, has announced its intention to proceed with a public offering and listing on Euronext Amsterdam later in the year. This will be in addition to its listing on Nasdaq Iceland.
Ásthildur Margrét Otharsdóttir, chairman of the Board commented: “This marks an important milestone in the history of Marel which has transformed from a start-up in the University of Iceland to a leading global provider of advanced processing equipment, systems, software and services to the poultry, meat and fish industries.
The listing on Euronext Amsterdam will complement our existing Icelandic listing and provide access to a broader international investor base. Furthermore, the offering will strengthen Marel’s capital structure and provide our experienced management team with the platform and global currency for acquisitions to continue our ambitious growth strategy.”
Founded in 1983, Marel is a global provider of advanced processing equipment,systems, software and services to the poultry, meat and fish industries. The Company had EUR 1.2 billion in revenues in 2018 and has over 6,000 employees in over 30 countries and on six continents.
The company has a large and diversified blue-chip customer base in more than 140 countries, with long-term customer relationships driving balanced revenues, of which 35% are revenues from services and spare parts.
Marel targets to grow its revenue by 12% on average annually in 2017-2026, comprising 4-6% organic growth and on average 5-7% via acquisitions. The food processing market Marel operates in is forecast to grow 4-6% annually.
Árni Oddur Thórdarson, CEO, commented: “This is an exciting day for Marel as we announce our intention to float on Euronext Amsterdam in addition to our listing in Iceland. We are well positioned in highly attractive end-markets, supported by secular growth trends such as population growth, the rising middle class, and urbanisation that are driving demand for quality food that is produced sustainably and affordably.
“Marel is at the centerpoint of these prevailing trends and in partnership with our customers, our innovative approach is transforming the way food is processed. The dual listing will support our target of 12% average annual revenue growth in 2017-2026 which we will aim to achieve through market penetration and innovation, complemented by strategic partnerships and acquisitions.”