LUXEMBOURG — SAF-Holland sales dropped to EUR 419.6 million in the 2009 fiscal year, compared to EUR 798.8 million the previous year, due to a reduction in global demand, the company has reported.

However, thanks its cost reduction program, SAF-Holland stayed on the plus-side of adjusted earnings before interest and taxes (EBIT) with EUR 1.5 million (previous year: EUR 41.2 million).

But despite struggles in 2009, SAF-Holland has reported a “significantly higher demand” at the beginning of the 2010 fiscal year than was the case in the previous fiscal year.

In the crisis, we made our company leaner and stronger while remaining true to our quality standards. This will be rewarded by our customers in an improving market. The first quarter has brought us initial positive signals. The objective now is to gain from the positive market development,” said Rudi Ludwig, CEO of SAF-Holland Group.

In light of its positive first quarter in 2010, SAF-Holland has decided to halt reduced working hours at its German locations starting this month, with core employees returning to full-time work. Its plant in Keilberg, which had been shut down, will begin operations again in April as well.