Bufab’s organic sales growth in May was approximately -25% (April -30%), adjusted for the number of working days. Total sales growth in May was approximately -10% (April -20%), adjusted for the number of working days.
“We have so far managed to avoid any significant impact on the health of our employees or our own operations, and to supply our customers without disruption throughout the crisis. We have however seen a considerable impact to Bufab’s sales as our customers reduced their consumption and inventory of C parts during April and May. This in turned was caused by considerable shutdowns and capacity reductions in the manufacturing industry worldwide in the same period.”
During the month, we saw a gradual recovery of the demand from our customers in Europe and North America, but from low levels and to some extent slowed by inventory adjustments. We expect this trend toward a recovery to continue in June. It is not possible to forecast the development during the remainder of the year,” commented Jörgen Rosengren President and CEO at Bufab.
All of Bufab’s subsidiaries have adjusted their cost bases to meet the drop in demand. This includes short time work schemes, balancing the number of hours worked with organic growth. We are seeing good effects of these and other measures on our cost base.
"This is a difficult period for everyone. We are happy to see that we have managed to keep our staff and partners healthy and safe, and to continue to provide uninterrupted supply to our customers worldwide. We have been forced to take tough measures to reduce cost, and these are now showing good results. I’d like to again thank all team members for their excellent teamwork, customer focus and personal dedication in these tough times.”
Bufab is closely monitoring the development and continuously adjusting measures in accordance with the changing situation.
Having spent a decade in the fastener industry experiencing every facet – from steel mills, fastener manufacturers, wholesalers, distributors, as well as machinery builders and plating + coating companies, Claire has developed an in-depth knowledge of all things fasteners.
Alongside visiting numerous companies, exhibitions and conferences around the world, Claire has also interviewed high profile figures – focusing on key topics impacting the sector and making sure readers stay up to date with the latest developments within the industry.
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