Winterthur, Switzerland – Autoneum joined automotive seat maker Grammer of Germany in warning that business in 2018 is tough.
Autoneum faces tough trading in the US
Autoneum blamed weak market dynamics, higher raw material pieces and operational challenges. These are particularly acute in its Business Group North America, according to a trading statement
Autoneum said that there was likely to be a 1% fall in EBIT margin. It now puts that number at 6% instead of the forecast 7% in 2018.
'The expectation on organic revenue growth of around3% for the current financial year remains unchanged', the group said.
Personnel costs are falling, and capacity is being adjusted at a number of sites in the US. The company said it was trying to reduce costs.
Earlier in October Grammer warned that EBIT in the first nine months trading of its 2018 financial year was 41% lower than the equivalent period in 2017.