Varta AG : CEO interview in Handelsblatt – Ongoing restructuring case & bullish future financial targets (€ 150m+ adj. EBITDA) despite lack of firm orders
>Restructuring progress as scheduled, incl. ~390 jobs to be cut in Germany (o/w 240 in FY23) - Varta is still trying to weather the storm (disappointing customer forecasts, bank syndicate requirements, etc.) and restructuring will rather take years rather than quarters. However, Apple indicated that Varta's technology is leading edge (we would agree for this niche market). Varta plans to cut 800 jobs (400 due to the non-extension of temporary contracts), with the majo...Varta is a holding company. Through its subsidiaries, Co. is engaged in the manufacturing and sale of industrial batteries, starter batteries and consumer batteries for types of electrical energy requirements, including passenger cars, commercial vehicles, motor cycles, tractors, construction and agricultural machinery, boats, air crafts, portable radio & television sets, and other applications. Co. also produces Varta-Plastic which includes casings for mobile telephones, boot linings, center consoles, glove compartments, shelves and housings for personal computers, printers, keyboards and typewriters. Other sectors include; chemical products, and machinery and plant business.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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