The WAGO Group closed the year 2020 with revenues of 950 million Euros, only 0.4% below last year's level of 954 million Euros.
With 950 Million Euros, almost at Last Year's Level
No Change in Revenue Distribution and Number of Employees
New Corona Premium after October
“This result exceeded our expectations. Starting in the fourth quarter, a definite positive trend became evident even with the corona pandemic,” according to Chief Financial Officer Axel Börner. On the country level, Germany and France remain stable in terms of their revenues. Downturns were noted in only a few markets, such as India or Scandinavia. “When we also consider the currency effects, we can be very satisfied with our result see sense that the growth will continue to trend during the first quarter,” projects Axel Börner.
For the suppliers of electrical connection and automation technology, revenue distribution by country market did not change year on year. While Germany,with a revenue share of 27 percent, has traditionally been the most important market for WAGO, the rest of Europe reached 44 percent, while RoW (Rest of World) is at nearly 30 percent. With around 8,500 employees, about 4,000 of which are engaged in Germany, the workforce also remained constant.
70 Million Euros Invested – Primarily in Germany
Even though the WAGO Group is active worldwide and produces at new international locations, the investment concentration unequivocally lies in Germany. In 2020, about 70 percent of the investments of 70 million euros flowed to headquarters in Minden/Westfalen and to the production and logistics center in Sondershausen/Thüringen. The largest project in 2021: The new training center on Hansastraße, to be completed during this year. Conversion of the previous automated assembly facility will cost about 5 million euros, including a new cogeneration plant. “We continue to see promoting youth development as a high priority. With this new building, our students and the technical and commercial trainees have common rooms with modern design,” states Axel Börner. On the reporting date 2020-12-31, 249 trainees and dual-studies students were engaged in Minden and 41 in Sondershausen.
