Automotive supplier Grammer is still having problems with its US business
Bavarian auto supplier Grammer posted unexpectedly low profits last year due to ongoing problems with its North American business. Thanks to improved demand and higher prices in Europe and Asia, sales rose by 7 percent to 2.3 billion euros. But the group's earnings before interest and taxes amounted to only 42 million euros and after taxes 3 million euros, the group announced on Thursday.
The Board of Directors was optimistic for this year and pointed to the volume of orders, which reached a record level of 2.7 billion euros last year. The focus is on getting out of the red zone in US business. Other focal points include new center consoles for cars and new drivers' seats for agricultural machinery. The board of directors is targeting sales at the previous year's level and increasing adjusted operating profits from 57 million to 75 million euros.
Grammer employs 14,200 people and manufactures headrests, armrests and center consoles for automobiles as well as seats for buses, trains, trucks, tractors and construction machinery. The majority shareholder is China's Ningbo Jifeng Group.
© EPA
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