NORMA Group recorded a 19.9% increase in group sales to €318.6 million in the third quarter of 2022 (Q3 2021: €265.7 million). Positive impacts came from higher selling prices that allowed the company to partially offset inflation driven cost increases. Growth was also attributable to positive currency effects, particularly in connection with the strong US dollar.
Dr Michael Schneider, CEO at NORMA Group, said: “The shock waves that were felt throughout the world as a result of the Russian invasion of Ukraine, and the ongoing pandemic, had a considerable impact on our business in the third quarter. We recorded strong growth in the face of a turbulent market environment, although the current challenges facing our industry remain diverse and complex. At NORMA Group, we are doing everything we can to overcome these challenges by working together with our customers and suppliers in order to continue delivering the best possible joining solutions in the future.”
Growth in all business regions
In the EMEA region (Europe, Middle East and Africa), sales increased by 11.8% to €119.9 million in the period from July to September 2022 (Q3 2021: €107.2 million). Strong organic growth of 12.2% was diminished slightly by 0.5% due to negative currency effects. Business with automotive customers developed well despite the difficult market situation in the European automotive industry. This development included, for example, a major order that has been in place since 2020 from a British car maker for cooling lines for electric vehicles and for cars with internal combustion engines. By contrast, sales were lower in the area of standardised joining technology, which is sold through retailers.
NORMA Group’s strongest growth in the third quarter was delivered in the Americas region, where sales rose by 29.5% to €151.7 million, significantly exceeding the prior year figure (Q3 2021: €117.2 million). Organically, sales expanded by 10.9%, with the larger share of sales growth attributable to positive currency effects. Demand for joining technology for light vehicles and trucks was also strong in this region in the third quarter. Business with irrigation and drainage solutions also developed well, as was the case in previous quarters.
In the Asia-Pacific region, sales totalled €47 million, up 13.9% on the figure for the prior year quarter (Q3 2021: €41.3 million), of which 3.7% was organic growth. Contributions from joining technology for cars were particularly strong. Business with standardised joining technology for general industry applications and water management grew slightly as a result of positive currency effects.
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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