Winterthur, Switzerland — Autoneum increased sales in local currencies by 3.7% to CHF 2.3bn ($2.3 bn) in the 2018 financial year, the company said.
Autoneum grows sales despite shrinking auto market
Growing in a shrinking market
The company, which makes automotive seating components said that this was achieved in the face of a 1% fall global automotive production.
It said: 'for the first time since the economic crisis in 2009, global automotive production declined compared to the prior year. Just under 95m light vehicles were produced.'
Autoneum put its success down to a favourable mix of models that it produced.
European business grew 7.7% in the year, because of higher orders. In the US, however, shrinking auto sales led to a 3.4% fall in revenue. The region made a loss and this hit group profitability, Autoneum added.
In Asia sales grew by 6.6% despite falling production in China. Sales grew by 24% in the rest South Africa, Middle East and Asia business region. Brazil, Turkey and South Africa were standout countries in this business grouping.
The company expects to publish is full financial report for 2018 in early March.
Currency Conversion: XE.com
