05 August 2021
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“Not enough fasteners” says Würth Group chairman

Image: Peter Petter

Demand for semi-finished and finished goods has been ramping up rapidly since the end of 2020, resulting in production and supply bottlenecks and, consequently, in rising manufacturing and procurement costs, states German fastener manufacturer Wuerth in its half-year report.

It adds that the problems within the supply chains further aggravate the situation, and the COVID-19 outbreak at the South Chinese port Yantian is adding to the already substantial delivery delays.

Robert Friedmann, chairman of the central managing board of the Würth Group, states: “There are not enough raw materials on the market, which presents us with great challenges, especially when it comes to fasteners, wood connectors, mounting rails and fittings. Continuing to supply our customers quickly and reliably remains our top priority. Further price increases will be unavoidable.”

Despite that gloomy forecast, the company reported a positive set of results: sales of EUR 8.4 billion in the first half of 2021, up 20.9% over the same period last year. Adjusted for currencies, sales grew by 22.6%.

At EUR 520 million, the Würth Group’s operating result in the first half of 2021 is well above that of the previous year (2020: EUR 280 million). The outbreak of the COVID-19 pandemic at the beginning of 2020 put a considerable drag on the operating result in the second quarter of 2020. Strong sales growth across almost all business units combined with lower costs due to the COVID-19 pandemic (for example travel, conference and trade show costs) are now positively impacting the 2021 result.

It also reports growth expectations in the double-digit range, to a total sales volume of around EUR 16 billion, in fiscal year 2021, up from EUR 14.4 billion in 2020. While the economy has recovered in recent months, COVID infection rates are dropping as vaccinations go up, the economic research institute Ifo is warning against setbacks caused by the Delta variant.

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