Schwaebisch Hall, Germany – Recaro Aircraft Seating, which makes aeroplane seating, said revenue in 2018 grew by 22%, four times faster than the market.
Recaro 2018 earnings 'pulverise' previous revenue records
Recaro's Hiller. Credit Recaro
The privately held company, where Mark Hiller is both CEO and the major shareholder, said sales reached almost EUR 600m.
'I am extremely happy to say we pulverised all our previous revenue records,' said Hiller. 'Over the past 15 years, we grew approximately 10% annually, twice the rate of the market. Last year, however, we outperformed the industry four times and grew 22%.'
Recaro sees itself as the market leader in economy class aircraft seating, and plans to invest 10% of this revenue back into the business. Its goal is to 'become number one supplier in the business class seat market in the long run'.
The company hired 430 people in 2018, and plans to increase the total number of employees from 2300 to about 2600 by the end of 2019. The company also announced an investment in a new headquarters and production factory at Schwaebisch Hall, near Stuttgart, Germany.
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