Marel: Intention to Float on Euronext Amsterdam in Q2 2019

Marel hf. (the “Company” or “Marel”), a leading global provider of advanced processing equipment, systems, software and services to the poultry, meat and fish industries, has announced its intention to proceed with a public offering and listing (the “Offering”) on Euronext Amsterdam, in addition to its listing on Nasdaq Iceland. The planned Offering will consist of new share capital up to 100 million primary shares (equivalent to approximately 15% of issued share capital) from a capital increase. The listing is expected to be a pre-summer listing, subject to market conditions.

  • The listing on Euronext Amsterdam will increase the awareness of Marel and its brand with a broader international investor base. In addition, the Offering will strengthen Marel’s capital structure and provide a global currency for acquisitions in support of its growth strategy.
  • Founded in 1983, Marel is a leading 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 that are recurring by nature.
  • Marel is committed to innovation and targets to invest on average ~6% of its revenues in Research & Development. Marel has developed Innova, a unique proprietary software platform that enables food processors to collect data in real-time to monitor yield, throughput, capacity and overall quality with traceability built into every step. Today, there are over 2,000 installations world-wide of the Innova software.
  • Marel has expanded to become a technological leader developing solutions across the poultry, meat and fish processing industries that improve yield and throughput as well as ensuring quality, safety and sustainability of production and animal wellbeing.
  • Marel has an experienced management team with a proven track record of strong financial results, cash generation, shareholder returns, successful acquisitions and operational improvement.
  • 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.1
  • Since its listing in 1992 on Nasdaq Iceland, Marel has delivered a revenue CAGR of 22% through a combination of organic revenue growth and successfully integrated acquisitions, creating excellent value for its approximately 2,500 shareholders. As of 17 May 2019, Marel represents around 36% of the total market capitalization on the Icelandic exchange and is the exchange’s most actively traded stock. The dual listing on Euronext Amsterdam, in addition to its listing on Nasdaq Iceland, is a natural next step in the Company’s growth strategy.

 

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.”

Ásthildur Margrét Otharsdóttir, Chairman of the Board commented:

“This marks an important milestone in the history of Marel which has tranformed 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.”

For further information go to https://marel.com/articles/intention-to-float-on-euronext-amsterdam-in-q2-2019/

 

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