SCHOPFLOCH, GERMANY - Homag Group AG, a manufacturer of woodworking machinery, declared 2011 a financial "success."

Homag, which incurred restructuring charges totaling $25.25 million (18.9 million Euros) for its Buetfering, Friz and Torwegge subsidiaries, saw its sales revenue rise 11% to $1.067 billion (798.7 million Euros). The restructuring includes reducing the number of Homag locations in Germany from 11 to eight.

“We are confident that this will make the Homag Group more competitive and that we have thus laid the foundation for a successful future,” said Dr. Markus Flik.