Management refers to the financial situation before making its decision. Polio International Group achieved a turnover of €2 billion and a gross profit of €98.1 million last year, compared to €250 million in 2022. At the same time, €80.7 million was invested.
The group explains the global decline in demand. “In Belgium we mainly felt the impact of the sharp increase in labor costs as well as higher energy costs,” the group said in a statement. “In addition, many departments are faced with cheap imports from Asian countries, which offer their products at prices much lower than products of their own production.”
In April, Beaulieu announced its intention to close 3 production sites that were suffering structural losses. The closure of the Berry Yarns factory on Common was announced today at the Special Works Council. The group wants to concentrate yarn production in Cummins, France and China. It was also announced today that the tufting business of the artificial turf factory in Ostrosbiekie will be closed, resulting in the loss of 30 jobs.
“These interventions are essential to make the company more efficient. They also provide the opportunity for further specialization in high-end markets and niche sectors, such as artificial grass and strings. There we can take a unique position, thanks to innovation and digitalization, which are better and offer more sustainable products to customers,” the statement said. .
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