Engel reports record fiscal year

April 14, 2023
Revenue for the fiscal year that ended in March nears $1.9 billion, as automotive- and medical-parts makers invest in injection molding equipment.

Machinery maker Engel, Schwertberg, Austria, reported its highest-ever revenue of 1.7 billion euros, about $1.87 billion U.S., in fiscal year 2022-2023, which ended in March. The figure represented a 13 percent increase over the previous fiscal year.  

Engel Group CEO Stefan Engleder noted in a statement that the company’s automotive, medical, packaging and technical molding business units contributed to the growth.  

Investments made to meet demand for products used in diabetes therapy drove growth in North America and Europe, where sustainable packaging also played a role. The automotive industry had an especially strong impact in Asia and the Americas, Engleder said.  

“As we have already demonstrated in the past, we can adjust fast to changes in the business environment and absorb their impact. We are confident that by consistently following our strategic goal to drive innovations and be an industry leader, we have set ourselves up for success in the upcoming year,” Engleder said. 

About the Author

Lynne Sherwin | Managing Editor

Managing editor Lynne Sherwin handles day-to-day operations and coordinates production of Plastics Machinery & Manufacturing’s print magazine, website and social media presence, as well as Plastics Recycling and The Journal of Blow Molding. She also writes features, including the annual machinery buying survey. She has more than 30 years of experience in daily and magazine journalism.