Trelleborg AB (OMX: TREL B), a polymer technology focused engineering group for products that seal, damp and protect, reported better than expected interim accounts. Demand was particularly good in China and India. Organic sales growth was 13% and operating profit increased to 751 million Swedish Kronor. EBITDA margin was 12.8%, which meets Trelleborg’s long-term target of ≥12% EBITDA margin. Higher sales compensated for rising raw material prices.
The due diligence and contractual process of the planned joint venture between Trelleborg and Freudenberg within antivibration solutions for light and heavy vehicles is ahead of schedule. Trelleborg says an agreement should be forthcoming in H2 subject to meeting certain conditions and getting the nod from competition authorities.
Trelleborg is guiding for demand to remain in line with Q2 on Q3 adjusted for seasonal variations. Investors agreed with the report and pushed the stock up by 8.65%. Full interim report is here.
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