Ursensollen, Germany – Grammer, an automotive and commercial vehicle seat maker, had sales of EUR1.9bn in 2021. This up 11.2% on the same period last year.
EBIT across the business rose to EUR18.9m. This represents a turnaround from a EUR46.1m loss in 2020. However, not all regions were in the black.
CEO Thorsten Seehars said: 'Despite the enormous challenges, we achieved solid business results overall in 2021. We have to continue our strategic initiatives and address our restructuring work, especially in North America.'
Although the Americas business had sales which rose 8.6% to EUR 517.7m in 2021, EBIT fell to a EUR61.7m loss. This is greater than the EUR34m loss in 2020, and was caused by high raw materials costs, higher personnel costs.
The volatility in the market caused by stuttering demand from automotive customers meant its plants in the Americas were shut for periods of time. Grammer is starting a restructuring programme in the US to try to return the region to profitability in 2024, according to Jurate Keblyte, CFO.
In the company's EMEA region, sales rose by 9.9% between 2020 and 2021, reaching EUR1bn. EBIT in the division rebounded from a loss of EUR8.7m in 2020 to positive EUR43.3m in 2021.
In APAC, sales were up by 19.8% to EUR406.3m in 2021, from EUR339.2m the year before. EBIT in the business rose by 78.7% to EUR52.90m in the quarter.
Sales were driven by the commercial vehicles division, which were up 34% in the region. The commercial relationship with a local partner has given Grammer greater market access, and helped to reduce produce and procurement costs.