Graphic: Hettich
The Hectic Group, one of the world's leading manufacturers of furniture fittings headquartered in Germany, saw its sales decline to 1.3 billion euro, a decline of 14 per cent compared to the previous year.
The company says, “the past year was economically challenging for the furniture industry, characterized by exploding construction costs, high interest rates, inflation and general investment uncertainty in many countries around the world. And this challenging economic situation was also felt by the Hettich Group.
However, the company also marked a significant milestone in its history with the recently-completed merger with the FGV Group.
Investing in the future
"Especially in difficult times, it is very important for us to look ahead and also act in the interests of future generations," says Jana Schönfeld, managing director of the Hettich Group. In 2023, the Hettich Group continued important future projects, process optimizations and further developments. Around 170 million euro was invested in new products, infrastructure projects, buildings, facilities, digitalization and sustainability, as well as in capacity expansions. Examples of this include the expansion of the production areas in Germany as well as investments in growth markets in Asia, such as Vadodara in India and Zhuhai in China.
