Amberg, Germany — Automotive seating and interiors company Grammer generated sales of EUR 1549.6m in the first nine months of 2019. This is higher by 11% than the same period in 2018
EBIT across the business rose 122% and hit EUR 62m the first nine months of 2019.
Sales across the business grew because of Grammer bought Toledo Mould and Die, a US automotive thermoplastics producer last year. And in the light of this the company said it is assessing its strategy.
The company's automotive business sales rose by 18% between the first nine months of 2018 and 2019. They were EUR 1. 1 bn in the first nine months of 2019. This compares with EUR 942.7m the third quarter 2018.
At the same time, EBIT in the division increased by 32%%. It hit EUR 34.3m in the third quarter of 2019. This compares with EUR 26m the 2018 period.
Sales were boosted by the TMD acquisition last year. In Europe, sales were down by 10.6% in the first nine months of 2019. This was due to the 'muted market conditions.'
Commercial business sales grew by 4.1% between the first nine months of 2018 and 2019. They reached EUR 1.1bn the first nine months of 2019. This compares with EUR 456m in the 2018 period.
But, EBIT in the Commercial division shrank by 8.8%. It was EUR 40.3m the first nine months 2019. This compares with EUR 44.2m in the first nine months of 2018.
To address the prospect of a period of 'possibly prolonged economic and market weakness, Grammer said it 'has set up comprehensive programmes to optimise operating processes and cost structures.