Amburg, Germany — Automotive interior company Grammer saw group sales rise 2% in the first half of 2018 to EUR 928m compared to EUR 908 m in the 2017 period.
Jifeng gains control of Grammer as firm has flat first half
Compared with the 2017 half year, growth in the commercial vehicle segment was 15.4% in the first half of 2018 . Sales reached EUR 308.3 m.
This was due to positive market developments in all regions, good order situation as well as growth in sales of higher margin products, the firm said.
This 'more than compensated for the slight drop in automotive sales in the first quarter,' the company added. This drop was due to start up costs as a number of customers changed models, and Grammer had to ramp up production.
The company added that profitability at the earnings before interest and taxation level was flat year on year at EUR 43m. In the first half of 2108, the Ebit margin was 4.7%. This compares with 4.8 % in the first half of 2017.
'Our overall development was in line with our expectations,' said Hartmut Muller, Grammer ceo. 'The most important event for Grammer in recent months was the takeover offer made by our strategic partner in China'.
'Nignbo Jifeng will become our anchor investor in a successful transaction. It will also be an important partner for us in the future development of Grammer in the Asian market,' he said.
On 6 August 2018, Nigbo Jifeng announced that it had control of 45.8% of Grammer shares. This makes it the largest shareholder at the company.