Voith AG’s strong energy division business made up for declining sales of machines for the paper industry. The energy division sells turbines and generators for hydro power plants. In a tough market, Voith managed to increase sales and operating profits in its fiscal year 2008/09 ending on 30 September 2009.
CEO Hubert Lienhard expects 2009/2010 to be another recession year, but business development to remain stable in light of Voith’s balanced product and service portfolio. For the renewables sector he is more positive, expecting recession to hit later, if at all. Hence, there were still growth opportunities, even in slow growing markets.
Sources: Frankfurter Allgemeine Zeitung, 21 January 2009, page 15, and Voith (press release with information on 2008/09 fiscal year with key figures and outlook)