NORMA Group has achieved stable profitability despite sales decline in the third quarter of 2023, with group sales totalling €297.1 million – 6.7% lower than in the same quarter of the previous year (Q3 2022: €318.6 million).
Guido Grandi, CEO at NORMA Group, commented: “We delivered a solid performance in the third quarter despite a sluggish market environment. Although our business volume was mixed, we still managed to achieve a sound level of profitability. With our ‘Step Up’ improvement program, we continue to focus on increasing our operational efficiency and leveraging new market opportunities in the areas of mobility, industry applications and water management.”
In the EMEA region (Europe, Middle East and Africa), sales in the third quarter of 2023 were almost exactly in-line with the previous year at €119.3 million (Q3 2022: €119.9 million). The slight decline of 0.5% is due entirely to negative currency effects. Organically, sales development was stable. Sluggish economic development in both the automotive industry and industry in general dampened demand for joining technology in the third quarter.
In the Americas region, sales in the third quarter of 2023 fell noticeably by 12.4% year-on-year to €132.9 million (Q3 2022: €151.7 million). Organically, sales were down 5.6% in the period from July to September 2023. Negative currency effects had an additional negative impact of 6.8% on sales. Strikes at US vehicle manufacturers from
mid-September affected customer ‘call offs’ to an unexpected extent, while demand for general industrial applications was also lower. The water management business, on the other hand, recovered after a difficult first half of 2023 and recorded slight organic growth compared to the same quarter of the previous year.
In the Asia-Pacific region, sales amounted to €45 million in the third quarter – with sales growing by 7.6% organically. Business volume grew particularly well in the area of joining technology for battery cooling systems and other vehicle applications. Due to negative currency effects of 12%, the quarter saw an overall decline of 4.4% compared to the same period of the previous year (Q3 2022: €47 million).
Will joined Fastener + Fixing Magazine in 2007 and over the last 15 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.
Will manages the content strategy across all platforms and is the guardian for the high editorial standards that the Magazine is renowned.
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