This increase in sales is mainly due to their commitment to the Indian market with continuous investments in existing and new projects.
17 Apr 2020 | 9944 Views | By Sricharan R
German technology group, Freudenberg’s India business has clocked a sales growth of 5.7 percent at Rs 2,533 crore in 2019(2018: Rs 2,401 crore). This increase in sales is mainly due to their commitment to the Indian market with continuous investments in existing and new projects.
In spite of the ...
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German technology group, Freudenberg’s India business has clocked a sales growth of 5.7 percent at Rs 2,533 crore in 2019(2018: Rs 2,401 crore). This increase in sales is mainly due to their commitment to the Indian market with continuous investments in existing and new projects.
In spite of the economic slowdown and various other factors, on a global level the company has recorded flat sales at Rs 74,583 crore in 2019. This is just a tad lower than the 2018 sales numbers at Rs 76,235 crore. For the same financial year, Freudenberg conducted research and development activities for Rs 3,789 crore, while the previous year stood at Rs 3,582 crore.
Speaking about sales growth in India, Georg Graf, Freudenberg’s Regional Representative in India, explained, "We once again focussed heavily in our future, in machines, equipment, acquisitions and, above all, in the three focus areas of our 2018-2020 strategic planning period- mobility, digitalisation and sustainability."
In the wake of the recent economic downturn globally due to Covid-19, the company is expecting the environment to remain challenging for the calendar year 2020. Freudenberg is planning cautiously for the coming year and expects business developments in the markets relevant for the company to be subdued. Freudenberg has seven business groups in India which have a total workforce of 2,844 employees in around 50 locations - with six R&D centres and 16 production sites.
The company intends to continue investing in long-term projects. The mobility transformation, digitalisation and expansion in sustainable solutions will remain central components of Freudenberg’s strategy. Graf pointed out that, “Following the coronavirus-related complete shutdown, our companies in India will work hard to reach normal operating levels again. Together with our colleagues, customers and partners, we are doing our part to pave the way for long-term growth. We continue to provide world-class products made by the dedicated workforce to the Indian community aligned with our vision of long-term commitment and supporting the ‘Make in India’ initiative."