Injection molding machine builder Arburg GmbH + Co KG expects to generate sales of about $676 million (€620 million) in 2024, down from $855 million in 2023 and $954 million in 2022.
That's when sales started declining compared with the pandemic-induced machine buying sprees of 2020 and 2021, which were fueled by the medical market responding to demand from COVID-19 while consumer goods manufacturers dealing with locked-down consumer spending sprees.
High energy prices, which have doubled in recent years in Germany, where the company does 30 percent of its sales, also have contributed to the slowdown.
"In 2024, there were some sporadic success stories thanks to a number of attractive projects, but the situation in terms of incoming orders remains weak," said Steffen Kroner, Arburg's managing director of finance, controlling, information technology and human resources.
Still, Kroner sees a silver lining.
"We are ideally positioned and will emerge from this crisis in a stronger position as a solution partner for sustainable plastics processing," he said.
Kroner also pointed to the strength of the families that have owned and operated Arburg for 101 years, the company's committed workforce and innovative products.
Just like other companies in the industry, Arburg is navigating a challenging economic landscape.
"I can say this much, however: Arburg would not be Arburg if we were not looking ahead positively to the future despite the difficult environment," Kroner said.