LUEBECK, Germany—Possehl Group, the Luebeck-based conglomerate which includes tire and rubber machinery maker Harburg-Freudenberger Maschinenbau GmbH (HF), has reported a "successful" financial year.
Preliminary figures issued Feb. 15, show that Possehl grew consolidated sales—adjusted for the proceeds from precious metals sales and exchange effects— by 8 percent year-on-year to $4.6 billion in 2017.
Earnings before interest and taxes (EBIT) rose to $215 million. This was about level with the EBIT before one-off income figure of a year ago.
"We outperformed our growth forecasts and improved our financial indices even further. Hence, the Possehl Group remains on its path of profitable growth", said Chairman Joachim Brenk.
The gains at Possehl were driven particularly by the group's Elastomer Plants and Electronics business units, with "both indirectly profiting from the booming global automotive business."
In its 2016 annual report—issued in April 2017—Possehl posted sales at the Elastomer Plants business of $510 million, representing 14.5 percent of the group's adjusted total net sales.