Press manufacturer Koenig & Bauer has described its core markets as “fundamentally intact” in year-end results that have understandably been overshadowed by the ongoing coronavirus crisis.
Koenig & Bauer: sheetfed orders are up
Dealing with the possible consequences of the coronavirus situation is currently “a top priority” for the group, which is proposing to suspend the payment of its dividend for the 2019 financial year due to the uncertainty caused by the virus, with the retained profit carried forward.
Chief Executive Claus Bolza-Schünemann stated: “The end markets we address are fundamentally intact with packaging printing showing good structural growth. However, growth requires normal business years. “Due to the increasing economic uncertainty, we decided to invest significantly in reducing manufacturing costs and to join forces more strongly within the group. With these measures, we aim to position ourselves to a greater extent independent of the economy and more competitively for the future,” he said.
