Screw manufacturer - Würth trading group anticipates dry spell in 2024
The Würth trading group is feeling the economic lull strongly. The world leader in the field of fastening and mounting technology reported a revenue decline of 3.2 percent to 10.2 billion Euros in the first half of the year, as the company announced in Künzelsau (Hohenlohekreis). CEO Robert Friedmann expects better business in the coming year. "We knew this year would be difficult, but we expected a faster recovery," Friedmann said. No relief is to be expected in the short term.
The operating result amounted to 525 million Euros in the first half of the year, compared to 680 million Euros in the previous fiscal year. Despite weaker business, Friedmann confirmed the forecast: For the current year, the company therefore calculates with comparable revenues as in the year 2023 and a decline in operating result. Such a lower result would not throw the family-owned business off course.
Würth's product range includes over a million products for craft and industrial businesses: from screws, screw accessories and bolts to tools up to chemico-technical products and safety equipment. A part of the products is manufactured in-house.
Almost 600 new jobs in Germany
By the end of June, a total of 88,616 people were employed by Würth worldwide, of whom 27,400 were in Germany. Here, 583 new jobs were created. Friedmann said that despite the negative development, the course should be held and more employees should be hired.
Würth, according to its own statements, has 4.4 million customers worldwide. From January to the end of June, the company reportedly gained 60,000 new customers.
Würth is selling its products increasingly via the internet. The share of e-business in total sales now amounts to more than 24 percent. The revenue decline in Germany was 2 billion Euros to 4 billion Euros. The revenue decline abroad amounted to 1.8 percent.
- The economic downturn affected various industries in Baden-Württemberg, including the Hohenlohe district where Künzelsau is located, hitting companies like the Würth trading group.
- Despite the challenging quarterly figures and the dry spell in the industry, Würth continues to expand its operations, creating 583 new jobs in Germany.
- The revenue decline reported by Würth, with a 2 billion Euros decrease in Germany and a 1.8 percent decrease abroad, is a concern for the German economy as a whole.
- Situated in Künzelsau, Würth is a global player in the trading industry, known for its wide range of products, from industrial to craft supplies, with over 600,000 customers worldwide, including 60,000 new ones in the first half of the year.
