7/15/2010
The 2009 sales of the 17 U.S. Würth Group companies fell 24.6% to $644.8 million (EUR 512m).
In its annual company report, Würth noted economic downturn was triggered by a real estate market beginning in 2007 an continued “unabated” for three years “despite the optimism and changing mood brought about by the election of Barack Obama as president.”
“The Würth Group was not immune to the recessionary development,” according to the company’s annual report. “Industry-related operational units were particularly hard hit by the economic downturn, suffering sales losses of up to 50%.”
“The Würth Group was forced to respond to the ongoing negative development of sales with various measures in 2009. On the one hand, employee capacity was adjusted by reducing working hours and salaries accordingly.”
“On the other hand, cost reductions were realize for personnel and non-personnel expenses by combining businesses where entities operated in similar business areas.”
The worldwide sales results were down 14.7%, but Würth Group still generated a EUR 235 million (US$302.5m) operating profit.
Founded in 1945, Künzelsau, Germany-based Adolf Würth GmbH & Co. KG has 400 companies in 84 countries and 58,000 employees. Würth supplies more than 100,000 products from screws, screw accessories and dowels to tools and chemical-technical products, industrial safety, DIY and hardware products, electrical installation materials and components. ©2010 GlobalFastenerNews.com
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