KÜNZELSAU, Germany — The Würth Group, the global market leader in the development, production and sale of assembly and fastening materials, reported annual sales of more than EUR 20 billion for the first time in its corporate history, according to its preliminary financial statements on the 2023 fiscal year.
Despite the tense global economic and political situation, the group was able to grow again, even though the difficult conditions had an impact on the operating result.
Sales grew by 2.4%; adjusted for currencies, sales growth came out at 3.5%. The operating result is expected to remain below last year’s result at EUR 1.4 billion — EUR 1.6 billion in 2022 — the second-best result in the history of the group.
“Given the cooling global economy, we are satisfied with the past fiscal year. The sales mark of EUR 20 billion is a special milestone for us. We were able to double our sales volume over the past nine years,” said Robert Friedmann, chairman of the Central Management Board of the Würth Group. “Last year, the group’s heterogeneous structure across different industries and regions and our business model were once again the basis of our success. The construction sector, an important industry for the Würth Group, showed a slow sales development, which could be compensated for by other strategic business units such as the Electrical Wholesale unit.”
In addition to the ongoing conflict between China, Taiwan and the U.S., the wars in Ukraine and the Middle East, inflation-driven cost increases, especially for energy and raw materials, and high lending rates that hampered demand in the construction industry also had a negative impact on the result.
“Achieving these results in such an environment shows that our more than four million customers greatly appreciate our products and services. They trust us and that is our most important objective. The Würth Group has proven in the past that it can overcome major challenges successfully. The solidarity of our employees and the support of the family, especially by Prof. Reinhold Würth and Bettina Würth, give us the necessary stability,” said Friedmann.
Companies in and outside Germany
The Würth companies in Germany developed positively. The companies generated sales of EUR 8.3 billion, a sales increase of 5.6%. The companies outside Germany reported sales of EUR 12.1 billion (+0.3%). Among the different business units, Würth Line Craft continued to develop positively, reporting sales growth of 3.4%. Sales in the Chemicals unit of the Allied Companies grew by 7.5%. Reporting growth of 10% to EUR 3.8 billion, the business unit Electrical Wholesale stands out, having a major impact on the overall development of the Würth Group due to its high share of sales. Apart from service leadership, high product availability and above-average logistics expertise, the positive development was driven by the renewable energies boom, especially in the field of photovoltaic systems.
In Italy, the Würth Electrical Wholesale Group (W.EG) expanded its footprint by entering into a strategic partnership (controlling interest) with IDG01 S.p.A. in Turin, the leading electrical wholesaler in the Piedmont region. The planned transaction is subject to the approval of the antitrust authorities. In 2023, the company generated sales of EUR 285 million with more than 580 employees and 41 stores. The product range primarily covers the segments of lighting, building automation, low-voltage power distribution and control systems, renewable energy systems, cables, and a wide portfolio of industrial automation products.
With growth of 10.4% on the previous year, e-business sales remain successful. At EUR 4.6 billion, the share of e-business sales in total sales increased to 22.4%.
The Würth Group hired 1,410 new employees in the 2023 fiscal year. Currently, the group employs 87,047 people, 43,967 of which work in sales. In Germany, the company has 27,128 employees.
