SCHOPFLOCH, GERMANY -- Homag, manufacturer of industrial woodworking equipment, reported that its revenue increased 37% in 2010 from approximately $732.5 million in 2009 to $1.004 billion, exceeding forecasts.
In addition, the company returned to the black, recording a net profit for 2010 after non-controlling interests of approximately $9.4 million compared to an approximate $28.9 million loss in 2009.
Homag said it views the turnaround from the global recession to be "sustainable."
CEO Rolf Knoll said Homag Group’s global presence and its broad portfolio contributed to the company's success last year. “As a result, our order situation recovered at a very early stage and we have grown faster than the mechanical engineering industry as a whole or indeed our industry segment, allowing us to increase our market share further.” Knoll said.
During 2010, Homag increased its international workforce from 4,954 in 2009 to 5,051.
Although the Homag has not reached the "pre-crisis revenue and earnings level" Knoll said he is confident that the upward trend will continue. “By adopting targeted growth and earnings measures, we want to return the Homag Group to the level of 2007 and 2008 within the medium term, and we therefore want to continue growing in 2011 – notwithstanding the high growth in 2010 – and grow our earnings even faster.”
Homag is represented in the United States by Stiles Machinery Inc. of Grand Rapids, MI; and has a Canadian headquarters in Mississauga, ON. Homag brands include Homag and Brandt edgebanders; Holzma panel saws; Weeke CNC machining centers; and Bargstedt and Ligmatech material handling equipment.
Read more about Homag's 2010 financial report.
Posted by Rich Christianson
Have something to say? Share your thoughts with us in the comments below.