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Bavarian beverage bottling company Krones sharply reduced sales and profit forecasts on Wednesday; the stock then collapsed. Krones cited the figures for the first nine months, rising material and personnel costs, start-up costs, currency effects and the postponement of major projects to justify the correction of forecasts. Instead of a six percent sales growth, the company now expects more than four percent, and it should remain only a profit margin of 6.5 instead of 7 percent. one hundred before taxes.
Krones had significantly increased the prices of all filling and packing machines in May. The company listed at the S-DAX Neutraubling near Regensburg employs around 10,000 people in Germany and has generated a turnover of 3.7 billion euros and pre-tax profits of 259 million euros. In the stock market, Krones recorded a 6.5% decline after the announcement of the prognosis on the big losers.
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