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“I am proud of the results delivered by the management and staff of Marel in 2009, in difficult conditions,” said Arni Oddur Thordarson, Chairman of the Board of Marel, in his address to the company’s Annual General Meeting today. “The financial crisis that began in 2008 led to a world-wide economic downturn of greater magnitude than we have seen in decades. However, it seems that the bottom is now behind as with global industrial production in general showing clear signs recovery, underpinned by a rapid global recovery of equities and re-opening of banking markets.“

“Marel is in a unique position to create value for customers and shareholders after having transformed the competitive landscape in a highly fragmented industry. Today, Marel is an undisputed world-wide industry leader in developing and providing equipment and solutions to the poultry, meat and fish industries, with an increased focus on the convenience food segment.”

Thordarson recalled that the companies acquired in preceding years had been integrated into ONE COMPANY in 2009, focusing on four pillars – poultry, meat, fish and further processing. “Consequently, the organization was streamlined and today, the organization is leaner, more focused and better equipped to serve our growing global customer base.”

The industry´s growth has exceeded economic growth rates by a considerable margin in the past 20 years, Thordarson said, and is now expected to grow annually at a rate of 4-7% in the coming years.

“It is a clear goal to increase liquidity of shares and ‘unlock’ shareholder value by dual listing Marel shares in the Amsterdam Exchange or another European stock exchange, in addition to the listing in the Nasdaq OMX in Iceland where Marel has been listed since 1992.”

“The Marel team is fully dedicated to being ‘back on track’ already in 2010,” Thordarson said in conclusion.

Theo Hoen, CEO of Marel

“Marel has established itself as the global leader in its field following the successful implementation of a strategy of external growth,” said Theo Hoen, CEO of Marel, in his address. “But being the biggest is not our main goal. We want our position of leadership to be based on our customers’ perception of Marel as the BEST company in the industry. That is what we have been working toward during the past year, establishing the foundation that will enable us to be the best.”

Decisions of the meeting

The Annual General Meeting approved the proposal of the Board of Directors that no dividends be paid for the financial year 2009. It was also decided that the compensation to Board members and the company’s Remuneration Policy for the year 2010 would be unchanged from the previous year.

The meeting passed a proposal to change the name of the company to Marel hf. It also agreed to increase the number of Board Members from 6 to 7-9. Three new members were elected to the Board: Asthildur Margret Otharsdottir, Theo Bruinsma and Smari Runar Thorvaldsson.

The company’s Board of Directors was authorised to increase share capital by as much as ISK 45,000,000 nominal value by issuing new shares to be used to fulfil share option contracts concluded with employees. The Board was also authorised to issue bonus shares in the current financial year increasing the company’s share capital to as much as four-fold the present amount, or an equivalent amount in EUR if the Company’s share capital has already been registered in that currency when the authorisation is utilised.

The meeting authorized the company to acquire up to 10% of its own shares at a price which is no higher than 10% over and no lower than 10% under the posted average price of shares in the Company for the two weeks immediately preceding the acquisition.