3/29/2012 1:03:00 AM
NEWS BRIEFS
Vossloh Fastener Revenue Down Despite Backorders
By the close of fiscal 2011, demand for the Vossloh Group’s products and services was higher than ever. Record demand produced a strong order backlog of €1.5 billion for the Vossloh Group in fiscal 2011. However full-year sales dropped 11.4% to €1.2 billion, while EBIT declined 36% to €96.5 million due to project delays in China, shipments delay in Libya, and weak demand from several European markets. “2011 has been a challenging year yet 2012 will see Vossloh back on the growth track,” stated CEO Werner Andree. “This and next year sales and earnings are set to resurge. With our tall order backlog we have laid the groundwork.” Rail Infrastructure’s Fastening Systems business unit reported the sharpest decline. The Fastening Systems business unit reported sales of €262.8 million, down 28.9% for the period. “The weaker performance was primarily attributable to project delays in China where since July 2011 there has been a hold on shipments for ongoing projects. Revenue in Libya and Russia was also short of expectations again on account of project postponements.” The Fastening Systems business unit scored a strategic success with its very first order to supply products for a high-speed railway line on ballasted track in Morocco, the North American customer base also branched out and in a number of Asian countries business expanded appreciably. At December 31, 2011, the Vossloh Group employed a workforce worldwide of 5,011, up 2.1 percent or 105. Of these, 1,762 (including 82 apprentices) worked in Germany. ©2012 GlobalFastenerNews.com
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