Injection molding machine builder Engel Austria GmbH is looking at back-to-back annual sales declines of 20 percent, in part because automotive manufacturing slowdowns caused by the pandemic exacerbated other problems in that market.
The 75-year-old company saw sales of 1.3 billion euros for its 2019-20 fiscal year that ended in March, CEO Stefan Engleder said at an Oct. 8 virtual news conference.
“The outlook for this fiscal year, as we are half way through, we estimate will decline again by approximately 20 percent,” Engleder said.
Company officials said machine orders from automakers had already slowed because of doubts about future power train concepts as well as uncertainty about the fallout from the Dieselgate scandal, where cars were rigged to pass emissions tests.
“Investment has been held back by the OEMs because they’re still threatened with high penalty out of the diesel scandal,” Chief Sales Officer Christoph Steger said. “And there’s