organic revenue -2.9%
added value margin remained on a good level
portfolio optimisation - acquisition Steel Goode Products LLC; divestment Elkhart Products Corporation

Aalberts realises organic revenue growth in line with expectations
In the first ten months Aalberts realised -2.9% organic revenue growth compared to last year, for building technology segment -4.7% and industrial technology segment -0.7%. The added value margin remained on a good level.

Productivity improvement, cost savings and inventory reduction plans are in place to manage cost inflation and lower volumes. We are deploying our strategic initiatives with our long-term business plans and portfolio optimisation. We accelerated our operational excellence program leading to a one-off strategic restructuring cost of approximately EUR 50 million with an annual benefit of approximately EUR 25 million.

In eco-friendly buildings we continued to see lower activity in Europe, especially in Germany and France, where in Benelux and Switzerland demand improved. We continued to see the impact of decreasing end-user demand in new build and slowdown in renovation. Stock levels at wholesales remain low for our products. We saw better activity in America, Asia and Middle East compared to Europe. Our water treatment offering for heating systems continued to grow. Energy ....
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