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Manz Automation, a solar technology provider, has published its revenue figures for the first nine months of 2008. The company was able to significantly increase both its revenues and earnings in the first nine months of the fiscal year, tripling its revenue figures to $159.1 million. The solar division significantly drove the growth where revenues were $88.81 million, compared to last years $32.64 million.It also noted an EBIT margin of 11.8%, compared to 13.4% last year, with the company stating that it plans to further increase this margin in 2009 by successively transitioning its new subsidiaries product ranges to more profitable solar products.
"We are very happy with our successful business growth. The integration of the companies that the Manz Group has acquired is progressing right on schedule. The capital increase has provided us with very solid financing, with the result that we will be able to benefit from growth opportunities on up-and-coming markets, such as the US, Arabian countries and India thanks to our reinforced position,” said Dieter Manz, Manz Automation AG's CEO.
This announcement comes on the heels of the joint venture with Delhi-based Technicom-Chemie, forming Manz Automation India Pvt. Ltd. The JV is aiming to promote sun power generation in India with high technology solar energy equipment. The Hindu News reports that Manz Automation India Pvt Ltd., has most recently received solar power equipment orders for €50 million. Tata BP Solar, Moser Baer and Solar Semiconductors Ltd have placed the equipment orders.
