Demand weakened

Turnover down: Greiner hit the cost brakes

Demand for foam for mattresses suffered, as did demand for the medical products that Greiner manufactures.(Bild: Lisi Specht, Greiner Bio-One, Krone KREATIV)

She speaks of a "challenging market environment" and Greiner's unchanged high ambitions - at Saori Dubourg's first media appearance, the new CEO of the plastics processor from Upper Austria presented the figures for 2023. And they showed a drop in turnover.

67 days after Saori Dubourg succeeded Axel Kühner as CEO of Greiner AG, the manager, together with her fellow board members Hannes Moser and Manfred Stanek, presented the figures for the past financial year, which was a real challenge for the plastics processor and foam producer.

We want to significantly expand our innovation and quality leadership and have a clear focus on productivity. We assume that capacity utilization at our sites will continue to improve over the course of the year.

Saori Dubourg, Vorstandsvorsitzende der Greiner AG

This is because turnover fell short of expectations in all three divisions of the Kremsmünster-based company. In the end, this means a decline in turnover from the previous 2.3 billion euros to 2.1 billion euros. "Through increased efficiency, restructuring and cost savings, we have managed to cushion a large part of the negative framework conditions," emphasizes CFO Moser.

Greiner CEO Saori Dubourg with CFO Hannes Moser (left) and Manfred Stanek, Chief Operating Officer.(Bild: Silvia Wittmann)

Which areas were particularly affected by the demand crisis? There was less demand for premium products in the packaging sector, as consumers increasingly turned to private labels due to high inflation. There was also less demand from the tool industry for technical plastic parts. There was also far less demand for foams for mattresses and upholstered furniture. There is talk of a "drastic decline in volume" here.

All production facilities currently in operation
Because hospitals, laboratories and clinics still had well-stocked warehouses, the medical products division called Greiner Bio-One also came to a standstill. Nevertheless, it is emphasized that production capacity utilization is relatively stable. Greiner is not currently reducing production capacities or closing any plants, it emphasizes. At the end of 2023, Greiner employed more than 10,500 people worldwide, 1933 of whom were employed in Upper Austria.