- Net sales of EUR 610m and Adjusted EBITDA of EUR 106m at all time high
- Adjusted EBITDA margin of 17.4%
- Significant strategic investments made to fuel future growth and profitability
Luxembourg, 14 February 2019 – Armacell, a global leader in flexible foam for the equipment insulation market and a leading provider of engineered foams, today reported its preliminary unaudited financial results for the year ending 31 December 2018.
In 2018, Armacell increased net sales to EUR 610.3 million (2017: EUR 603.2 million) and Adjusted EBITDA to EUR 106.0 million (2017: EUR 102.1 million). This positive performance was achieved in the context of strong translational headwinds from a weakening US dollar, which over the year equates to approximately 4% of the top line. To fuel the future growth of the company, Armacell made significant strategic investments into production site upgrades, product portfolio extensions and into innovation.
As part of its strategic investment program, Armacell recalibrated its manufacturing footprint and invested into three companies on three continents in 2018; TB Concept Inc., the Canadian innovator of Insuguard pipe support solutions, Guangdong De Xu Insulation Materials Co. Ltd, a Chinese manufacturer of elastomeric insulation foams, and more recently Guarto SRL, an Italian manufacturer of acoustic insulation solutions.
Commenting on the company’s financial performance, Patrick Mathieu, President & CEO of the Armacell Group, said:
“In 2018, we generated robust growth in the insulation business and successfully implemented our strategic investment program. This includes the construction of our greenfield manufacturing site in Bahrain, our new continuous elastomeric production line in Brazil, enhanced technology investments at our plants in Oklahoma and West Virginia, USA as well as additional PET production capacity in China.”
Dr Max Padberg, CFO of the Armacell Group, commented:
“The past year we delivered a strong financial performance in a volatile market environment and despite FX and raw material headwinds. Sustainable profitable growth is and remains Armacell’s core focus.”
Armacell is rated B (stable) by Standard & Poor’s and B3 (positive) by Moody’s.