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Freudenberg India to invest Rs 350 crore in CY 2024 for expansion
Industry News- Apr 08,24
Globally, Freudenberg Group’s operating profit reaches Euro 1.1 billion, surpassing the 1 billion mark for the first time (up 15 percent).
Bengaluru
Freudenberg Group, a global technology conglomerate, which commemorates its 175th anniversary year in 2024, reported record growth in revenues and operating profits for the financial year 2023. Freudenberg achieved sales of Euro 11,902.8 million, 1.3 per cent higher than the previous year's figure of Euro 11,753.1 million. The operating profit of Euro 1,081.6 million showed a significant increase of about 15 percent, compared to the previous year's Euro 941.8 million. The profit margin also improved to 9.1 percent from the previous year's 8.0 percent. Freudenberg Group attributed its growth globally to innovative product lines, customer focus, and flexible problem-solving across various industries.
Freudenberg India also announced significantly high sales at Rs 3803 crore. The operating result for 2023 has been robust and the group has announced investments close to Rs 350 crore in CY 2024 across facilities in Punjab, Karnataka and Tamil Nadu. In Morinda, India, Freudenberg has invested in a new production facility for its Vibracoustic Business Group and its Freudenberg-NOK India joint venture. The company exports close to Rs 800 crore from India.
Freudenberg Group has 11 companies operating across diverse segments such as automotive, chemical, energy, technical textiles, and cleaning products in the country. Earlier in 2023, the group announced the appointment of G Sivasailam, Managing Director of group company, Freudenberg Performance Materials, as the new Director & CEO of Freudenberg Regional Corporate Center India. Sivasailam took over from Georg Graf who had served in the role since 2016, when the Regional Corporate Center was set up to further the group’s continued commitment and growth plans for India.
Commenting on the group’s annual results and its financial figures made public, Dr Mohsen Sohi, CEO, Freudenberg Group, said, “Numerous records were set during fiscal year 2023. We achieved the highest figures ever for sales and operating profit. When we look back over the past 10 years, it becomes clear how impressive these figures are. Within a single decade, we have roughly doubled our sales and operating profit with an average annual growth rate of 6 and 7.7 percent, respectively. Our investments in research and development have grown by 9.4 percent annually, even more strongly and almost tripling. I would like to thank all our employees worldwide. Their commitment enabled us to achieve these historic results”.
“As Freudenberg commemorates 175 years of operations globally this year, it is indeed a proud moment for Freudenberg India to be part of the continued growth journey. Freudenberg Group has been committed to its growing operations in the country, across diverse domains and across the group companies. We are continuing to invest in the expansion of our facilities and 2024 promises to be another year of key milestones we will achieve in India” remarked Sivasailam.
The Freudenberg Group is driving the energy transition – with its products and its ambition to become CO2-neutral by 2045. Sustainability is a priority for Freudenberg. For the company, this mainly involves efficiency in the use of its energy and material resources. Freudenberg wants to reduce its CO2 emissions to zero by the year 2045 – mainly through energy conservation, electrification, purchasing and its own generation of green electricity. Keeping in mind the rapid urbanization of India, Freudenberg's new initiative also aims to reduce carbon emissions footprint.
Freudenberg Group is committed to driving the energy transition and aims to become CO2-neutral by 2045. Sustainability is a top priority, focusing on efficient use of energy and material resources. The company plans to reduce its CO2 emissions to zero by 2045, mainly through energy conservation, electrification, and green electricity generation.
Freudenberg has been sourcing green electricity from photovoltaic and wind power systems for years, including from its own facilities. Around 20 new photovoltaic systems have been installed worldwide, with approximately 60 more in various planning and execution stages.
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