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| Schuler reports record figures in its fiscal year 2010/11 |
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German metalforming machine manufacturer Schuler AG reports record figures in its fiscal year 2010/11 ending September 30, 2011.
According to its latest press release, the SDax-listed company recorded 1.32 billion euros worth of new orders in its fiscal year 2010/11, a year-on-year increase of 61.2%, while sales rose by 47.4% to 958.5 million euros compared with the previous fiscal year.
As for the first quarter of its current fiscal year 2011/12, Schuler expects to post new orders of around 390 million euros. It also says that orders were higher than in the three preceding quarters, and sales in the first three months reached approximately 276 million euros, compared with 178 million euros in the previous year.
"Business continues to run very smoothly for Schuler, we've been able to seamlessly continue our past record year," states Schuler CEO Stefan Klebert. At the same time, he confirms the company's guidance for its current fiscal year 2011/12, with sales expected to increase to at least 1.1 billion euros.
"The new order level remains strong and our order backlog of over one billion euros provides a great buffer. Our task now is to work through these orders," adds Mr Klebert.
Schuler also says that it sees great potential in the growing markets of Asia, in the expansion of its existing business fields and in its new product developments, expecting to launch at least 10 new products this year. Moreover, it is planning its largest investment program of the past 10 years with capital expenditures of around 50 million euros, for example in new machinery and information technology.
Under this program, around one third of total investments are earmarked for the expansion of activities in China. "We expect that Asia will continue to drive growth in our most important sales market, the automotive industry. We already generate one third of our total sales in this region," explains Mr Klebert.
According to Schuler, it is therefore expanding its existing assembly capacities in the North Chinese city of Dalian and will be processing large machine parts there in future. At its Shanghai facility, the company aims to strengthen its sales, purchasing and engineering divisions and will expand its after-sales service in different provinces.
Schuler remarks that its Service division, which accounts for almost a quarter of total sales, is also a strong growth area. The company expanded and realigned its operations in this field in 2011. As demand for expert services continues to grow, Schuler sees opportunities to expand its current approximately 20% share of the service market significantly.
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