Kitron’s subsidiary in Norway has received new orders from its largest customer within this segment of about $14 million. Deliveries of the new orders will take place during 2010. Kitron’s subsidiary in Sweden has received new orders from Maquet Critical Care. Kitron manufactures part of Maquet’s ventilator platform for use in hospitals worldwide.
Over a six-month period new orders, in addition to normal volumes, have been received for a total value of more than $7 million. Our flexibility to quickly ramp up production to meet demand and our ability to provide competitive prices based on our global sourcing and manufacturing network has made this project a success for both Kitron and Maquet. The new orders are further evidence that our globilisation strategy is working and is creating value for both Kitron and our customers. Medical equipment is a prioritised and growing market segment for Kitron. These contracts are yet another proof of Kitron’s competitiveness.
Kitron is strengthening its position further during the financial crisis
Despite the fact that the overall activity level of the Kitron group in fourth quarter 2009 was lower than the same period in 2008, there is a stable trend towards improved market conditions quarter by quarter. Kitron’s diversification within different segments has been a strength during the financial crisis, enabling Kitron to improve its competitive situation further.
In 2009, revenue amounted to approximately $300 million, with an EBITDA of $17 million. Cash flow from operations was stable and amounted to more than $18 million. Kitron’s equity ratio is now approaching 50% so we are further strengthening our position as our customers’ long-term sustainable partner. Kitron has also taken strategic steps to expand the market coverage and further improve its competitiveness and global footprint by establishing additional manufacturing presence in both China and Germany.
For further information please contact Kitron.