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This Hyundai Wia KF 6700B Vertical Machining Center was manufactured in South Korea in 2019. It has
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DMG Mori could not escape the effects of Coronavirus in 2020

Posted on 10 Mar 2021 and read 1344 times
DMG Mori could not escape the effects of Coronavirus in 2020Bielefeld-based DMG Mori AG says 2020 was an ‘exceptional year,’ one plagued by the Corona pandemic, economic weakness, geopolitical uncertainties and industrial restructuring.

“Global demand for machine tools was declining significantly due to Corona and economic factors, and DMG Mori could not escape the resulting consequences. Order intake, sales revenues and results were clearly below the record year of 2019, with the negative effects of the crisis only limited by rapidly introducing measures to reduce costs, increase flexibility and secure liquidity while maintaining a stable budget for R&D.”

Order intake reached 1,599.4 million euros (previous year: 2,563.1 million euros), while sales revenues were 1,831.3 million euros (previous year: 2,701.5 million euros). Regarding the earnings situation, EBIT amounted to 81.7 million euros (previous year: 221.7 million euros), and the EBIT margin was 4.5% (previous year: 8.2%).

Highlighting some of the changes made, Christian Thönes — DMG Mori’s chairman — added: “Sustainability has been an integral part of our corporate strategy for many years. Since May 2020 DMG Mori has equalised its ‘company carbon footprint’. We have also achieved an ambitious sustainability target: all machines delivered since January 2021and produced world-wide are completely climate-neutral — from raw material to delivery.

“As for the future, global machine tool consumption is expected to recover slowly in 2021 after the sharp decline in 2020. The German Machine Tool Builders’ Association (VDW) and the British economic research institute Oxford Economics forecast growth of +17.7% to 64.9 billion euros.

“However, it cannot be excluded that these forecasts will have to be adjusted during the year due to the continuing global uncertainties and the Corona pandemic.

“DMG Mori is strategically and financially well positioned to overcome the crisis. Our efficiency measures, high cost discipline and the further expansion of our future fields make DMG Mori resilient and strong for the future. We are focusing in particular on automation, digitalisation and sustainability.”

There are two companies using the name DMG Mori: DMG Mori AG, with registered office in Bielefeld, Germany; and DMG Mori Co Ltd, with registered office in Nara, Japan. DMG Mori AG is indirectly controlled by DMG Mori Co Ltd. This information refers exclusively to DMG Mori AG.