MANN+HUMMEL reports half-year figures
Sales in first six months of 2016 at 1.48 billion euros
Ludwigsburg / Frankfurt, September 13, 2016 – MANN+HUMMEL Group based in Ludwigsburg, Germany, recorded sales of 1.48 billion for the first six months of 2016, which represents a fall of 50 million euros or 3.1 percent compared to the previous year's figure (previous-year period: 1.53 billion euros). Adjusted for currency effects, sales grew by 11.4 million euros or 0.8 percent. For the year 2016 as a whole, the company remains cautiously optimistic. The acquisition of the Affinia Group with the WIX Filters and FILTRON brands has not yet been taken into account in the half-year figures. It is, however, proving to be a growth driver.
"Without Affinia, our sales growth is below last year's level. However, sales and earnings have suffered from negative currency effects," explains Alfred Weber, President and CEO of MANN+HUMMEL. Weber points to the difficult conditions in the mechanical and plant engineering sector, as well as the market situation in Asia and South America as factors. Particularly in Asia, growth is failing to meet expectations owing to the difficult conditions in China. The forecast for the year as a whole is therefore relatively subdued.
Focus on filtration According to Weber, the Affinia Group will be a "real growth accelerator" in the future, with sales growth for the new US subsidiary already amounting to more than five percent for the first six months of this year. "For 2016 as a whole, we're expecting organic sales growth of around seven percent."
The takeover fits in with the Group's growth strategy, which sets out a clear focus on filtration. MANN+HUMMEL has thereby added the WIX Filters and FILTRON brands to its existing portfolio. MANN+HUMMEL has thus strengthened its global presence in North America as well as in Central and Eastern Europe. The acquisition promises significant growth, particularly in the heavy duty sector in the US and in the hydraulic filtration segment. As a result of the acquisition, MANN+HUMMEL will in future count over 20,000 employees at more than 70 locations worldwide.
At the presentation of the Annual Report in spring 2017, MANN+HUMMEL and the new subsidiary will be consolidated for the first time.
Ludwigsburg as innovation driver
The most significant acquisition in 75 years of the company's history will, together with the new technology center at the Ludwigsburg headquarters, bolster the future viability of MANN+HUMMEL. In addition to 430 modern workstations and a company museum, the adjacent testing center provides space for around 100 test benches. Here, filter systems are subjected to the most stringent testing to ensure their reliability and durability during customer use. MANN+HUMMEL has invested more than 30 million euros in the new building. Ludwigsburg thereby remains the innovation driver for the family-led company.
The company's renewed ranking among the top 50 most active patent applicants at the German Patent and Trade Mark Office (DPMA) highlights the company's innovative strength. At the leading Automechanika and IAA Commercial Vehicles trade shows held in Frankfurt and Hanover respectively, MANN+HUMMEL will present state-of-the-art filtration technology.
The MANN+HUMMEL Group is a leading global expert for filtration solutions and development partner and original equipment supplier to the international automotive and mechanical engineering industries. Employing 16,000 people at more than 60 locations worldwide, the company achieved sales of about 2.8 billion euros in 2014. The group’s product portfolio includes air filter systems, intake manifold systems, liquid filter systems, cabin filters and technical plastic parts, as well as filter elements for vehicle servicing and repair. For mechanical engineering, process engineering and other industrial applications, the company’s product range encompasses industrial filters, a series of products to reduce carbon emission levels in diesel engines, membrane filters for water filtration and filter systems. Further information about MANN+HUMMEL can be found at www.mann-hummel.com.