Ursensollen, Germany – Third quarter revenue at Grammer is likely to be about 8% below the same period in 2019, according to preliminary figures from the company. Its Q3 sales last year were EUR498.1m.
However, restructuring costs have eaten into profitability. Grammer has spent EUR12m, and this has reduced EBIT to around EUR6m. This number is down about EUR5.7m on the figure in 2019.
The company is spending money to consolidate its sites in Europe and North America, as well as cutting the number of indirect employees in Germany. The headcount reduction is scheduled for the middle of 2021.
Grammer will publish full third-quarter results later in the month.